WINNIPEG, MANITOBA--(Marketwire - Oct. 16, 2012) - FP Newspapers Inc. (TSX:FP) today announced a cash dividend of $0.05 per share, payable on November 30, 2012 to shareholders of record at the close of business on October 31, 2012.
All dividends paid by the Company in 2012 and subsequent years, unless stated otherwise, are designated to be eligible dividends pursuant to subsection 89(14) of the Income Tax Act (Canada) and any applicable provincial legislation pertaining to eligible dividends. Holders of shares who are non-residents of Canada will be required to pay all withholding taxes payable in respect of the dividend.
FP Canadian Newspapers Limited Partnership is completing the acquisition of the Carberry News Express, a weekly newspaper with circulation of approximately 1,100. The newspaper has served the Carberry and surrounding region for over 125 years. The town of Carberry has a population of approximately 1,500 and is located 50 kilometres east of Brandon. Eric Lawson, publisher of the Brandon Sun will be responsible for overseeing this business once the acquisition is completed which is expected to be before the end of October.
FP Newspapers Inc. owns securities entitling it to 49% of the distributable cash of FP Canadian Newspapers Limited Partnership. FP Canadian Newspapers Limited Partnership owns the Winnipeg Free Press, the Brandon Sun, and their related businesses, as well as the Canstar Community News division, the publisher of eight community and special interest newspapers in the Winnipeg region, and the Carillon in Steinbach with its related commercial printing operations. The Winnipeg Free Press publishes six days a week for delivery to subscribers and single copy sales, serving Winnipeg and Manitoba with an average Monday through Saturday circulation of approximately 122,700 copies. On Sundays the Winnipeg Free Press publishes a newspaper sold through single-copy retail outlets and vending boxes. The Brandon Sun publishes six days a week, serving the region with an average circulation of approximately 13,200 copies. Canstar Community News publishes weekly with an average circulation of approximately 200,000 copies. The businesses employ approximately 540 people in Winnipeg, Brandon and Steinbach. Further information can be found at www.fpnewspapers.com, and in the disclosure documents filed by FP Newspapers Inc. with the securities regulatory authorities, available at www.sedar.com.