PotashCorp Announces Open Market Repurchase Program and Declares Quarterly Dividend
January 23 2008 - 8:20PM
PR Newswire (US)
Listed: TSX, NYSE Symbol: POT SASKATOON, SK, Jan. 23
/PRNewswire-FirstCall/ -- Potash Corporation of Saskatchewan Inc.
(PotashCorp) today announced that its Board of Directors has
approved its intention to commence, subject to regulatory approval,
an open-market repurchase program of approximately 5 percent of its
outstanding common shares over a one-year period through a normal
course issuer bid. The share buyback will involve the purchase of
common shares at the prevailing market price from time to time. "We
have a long history of using our strong cash flow to create value
for our shareholders," said PotashCorp President and Chief
Executive Officer Bill Doyle. "We believe there is no better assets
in our industry than the ones held by our own company. We have
tremendous potential today and in the years ahead, with expected
increasing global demand, rising prices for our products and the
unique capability to capitalize in this environment. Reinvesting in
our own company positions us well to maximize long-term value for
our shareholders." Under the announced share repurchase program,
PotashCorp would be permitted to repurchase up to 15.82 million of
its outstanding shares in the open market. The actual number of
shares purchased, the timing of purchases and the price at which
the shares would be bought would depend on future market conditions
and upon potential alternative uses for cash resources. At December
31, 2007, the company had 316,411,209 common shares outstanding.
Shares purchased under the program will be cancelled. PotashCorp
also announced today that its Board of Directors has declared a
quarterly dividend of US $0.10 per share payable May 8, 2008 to
shareholders of record April 10, 2008. Potash Corporation of
Saskatchewan Inc. is the world's largest fertilizer enterprise
producing the three primary plant nutrients and a leading supplier
to three distinct market categories: agriculture, with the largest
capacity in the world in potash, second largest in nitrogen and
third largest in phosphate; animal nutrition, with the world's
largest capacity in phosphate feed ingredients; and industrial
chemicals, as the largest global producer of industrial nitrogen
products and the world's largest capacity for production of
purified industrial phosphoric acid. This release contains
forward-looking statements. These statements are based on certain
factors and assumptions as set forth in this release, including
foreign exchange rates, expected growth, results of operations,
performance, business prospects and opportunities, and effective
income tax rates. While the company considers these factors and
assumptions to be reasonable, based on information currently
available, they may prove to be incorrect. A number of factors
could cause actual results to differ materially from those in the
forward-looking statements, including, but not limited to:
fluctuations in supply and demand in fertilizer, sulfur,
transportation and petrochemical markets; changes in competitive
pressures, including pricing pressures; the results of negotiations
with China and India; timing and amount of capital expenditures;
risks associated with natural gas and other hedging activities;
changes in capital markets and corresponding effects on the
company's investments; changes in currency and exchange rates;
unexpected geological or environmental conditions; government
policy changes; and earnings, exchange rates and the decisions of
taxing authorities, all of which could affect our effective tax
rates. Additional risks and uncertainties can be found in our 2006
financial review annual report and in filings with the U.S.
Securities and Exchange Commission and Canadian provincial
securities commissions. Forward-looking statements are given only
as at the date of this release and the company disclaims any
obligation to update or revise the forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law. DATASOURCE: Potash Corporation of
Saskatchewan Inc. CONTACT: Investors: Denita Stann, Director,
Investor Relations, Phone: (847) 849-4277, Fax: (847) 849-4691,
Email: ; Media: Rhonda Speiss, Manager, Public Relations, Phone:
(306) 933-8544, Fax: (306) 933-8844, ; Web Site:
http://www.potashcorp.com/
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