January 10, 2011 / 8:03 PM / 7 years ago

Sprott shares leap to 2-1/2 year high on dividend

* To pay C$0.60/shr special dividend

* Another payout to follow financial statements

* Stock up 7.6 pct at C$8.59

TORONTO, Jan 10 (Reuters) - Sprott Inc (SII.TO) shares jumped nearly 8 percent to hit a 2-1/2-year high on Monday after the Canadian hedge fund manager declared a special dividend and said it would likely pay out another in the near future.

Toronto-based Sprott will pay 60 Canadian cents a share to shareholders of record at the close of business on Jan. 19. It said it expects to follow that with a second payment once its annual financial statements have been audited and approved by the board of directors.

    Sprott said last week that it generated more than C$193 million in gross performance fees in 2010, and said it planned to pay out a “substantial portion” to shareholders.

    Shares of Sprott, which was founded by Bay Street contrarian investor Eric Sprott and taken public in 2008, were up 61 Canadian cents at C$8.59 on the Toronto Stock Exchange, their highest level since July 2008.

    $1=$0.99 Canadian Reporting by Cameron French; editing by Rob Wilson

    0 : 0
    • narrow-browser-and-phone
    • medium-browser-and-portrait-tablet
    • landscape-tablet
    • medium-wide-browser
    • wide-browser-and-larger
    • medium-browser-and-landscape-tablet
    • medium-wide-browser-and-larger
    • above-phone
    • portrait-tablet-and-above
    • above-portrait-tablet
    • landscape-tablet-and-above
    • landscape-tablet-and-medium-wide-browser
    • portrait-tablet-and-below
    • landscape-tablet-and-below