The board of Sun Media Group Holdings has approved a plan to pay stockholders $123 million worth of shares in Leadership Publishing as part of a special interim dividend, ending its control of the Growth Enterprise Market-listed company.
Sun Media shareholders will receive 255 Leadership shares for every 10,000 shares held. Based on the last traded price for the two firms on September 26, the 255 Leadership shares would be worth $89.25, while each lot of 10,000 Sun Media shares would be worth $310.
Sun Media, a Chinese-language satellite television content provider, owns 63.7 per cent of Leadership, which publishes the Sing Pao Daily News.
After the distribution, no single company is expected to hold more than 10 per cent of Leadership.
