Societe Miniere Louvem declares dividend

Societe Miniere Louvem (TSE) says that under an arrangement approved before Christmas, it will pay out a 0.935 cents dividend to preferred shareholders of record on Feb. 26. The arrangement between management and representatives of 46% of Series A First preferred shares provides for the conversion ratio of preferred shares to be changed. The ratio will change from 0.7 common share to 0.85 common share and be effective as of Feb. 15.

Louvem says the dividend represents 50% of the dividends in arrears as of Sept. 30. The balance of dividends in arrears as of Feb. 14 is to be waived unless a Quebec Superior Court arrangement sanctioning the arrangement is appealed.