Saskatoon-PotashCorp said Sept. 5 that it purchased for cancellation 500,000 of its common shares outstanding pursuant to private agreement between the company and an arm’s-length third-party seller. This purchase brings the cumulative total number of shares purchased under PotashCorp’s 15.82 million share repurchase program announced in January 2008 to 15.15 million shares. The order permits PotashCorp to purchase up to an additional 600,000 common shares prior to Nov. 30, 2008. On Sept. 11, PotashCorp announced that its board of directors has approved additional share repurchases, raising the ceiling to 10 percent of the public float, or 31.5 million of issued and outstanding common shares. It can repurchase and cancel by Jan 30, 2009, up to an additional 15.68 million, or approximately 5 percent, of its common shares, over and above the initial maximum of 15.82 million shares. “We currently have an opportunity to use our strong cash flow to re-invest in the world’s best potash assets – our own company – at an attractive price,” said Bill Doyle, PotashCorp president and CEO. “We believe our shares are significantly undervalued versus our long-term potential. By buying back low-priced shares, we will strengthen our company for the future and reward our long term shareholders.” In other news, the PotashCorp board has declared a quarterly dividend of US$.10 per share payable Nov. 10, 2008, to shareholders of record Oct. 20, 2008.
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