US: Brown-Forman to distribute proceeds from Lennox sale
Brown-Forman's board of directors has approved a cash distribution of approximately US$205m to shareholders.
The distribution, confirmed late last week, will be equal to the cash received for the sale of the company's Lennox consumer durables segment, excluding Hartmann.
Approximately US$1.66 per share will be distributed on 10 May to stockholders of record on 5 April. This amount will be adjusted for the actual number of outstanding shares on 5 April.
Brown-Forman chief executive officer Paul Varga said: "The sale of this segment reinforces our company's focus on brand-building in the thriving wine and spirits business."
The company said it had elected this form of distribution as a tax-efficient means of distributing cash to its shareholders.
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