Saskatoon-Potash Corp. of Saskatchewan Inc. said Jan. 23 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 buyback will involve the purchase of common shares at the prevailing market price from time to time. PotashCorp will be permitted to repurchase up to 15.82 million of its outstanding shares. Shares purchased will be cancelled. There were 316,411,209 shares as of Dec. 31, 2007. “We have a long history of using our strong cash flow to create value for our shareholders,” said PotashCorp President and CEO Bill Doyle. “We believe there are 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.” PotashCorp also announced that its board had declared a quarterly dividend of US$.10 per share payable May 8, 2008, to shareholders of record April 10, 2008.
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