Markets

Poseidon Concepts Forms Special Committee; Suspends Future Dividends and Announces Board and Managerial Changes

Poseidon Concepts Corp. (PSN.TO) has established a Special Committee of the Board of Directors to review and address various issues arising from the recent write-off of certain accounts receivable and the evolving business plan of the Company. The Special Committee's mandate includes the review and assessment of the Company's business processes and controls. In addition, the Special Committee will make recommendations to the Board of Directors of Poseidon regarding further changes including managerial changes that will strengthen the operations and finance functions of the Company.

Poseidon has suspended the payment of undeclared dividends effective January 16, 2013 until such time as the Special Committee delivers its report to the Board. Although the Company hopes that dividend payments will resume upon completion of the Special Committee review, there is no assurance about the resumption of dividend payments, or that payments, if resumed, will be consistent with historical payments, the company said in a press release.

At $3.31, Poseidon is trading near yr lows.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

Commodities

Latest Markets Videos

    MTNewswires

    Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

    Learn More