UPDATE: Agrium's Roller Coaster Day Continues: Comes After Dividend Raise, Approval of Substantial Potash Expansion
Agrium Inc. (AGU.TO) ran up to a day high $67.93 at the TSX open from yesterday's $67.48 close, but then fell nearly $2 to a day low $66 late morning. From there it succeeded in rising back to near the $68 mark by 2pm ET before retreating again to in and around current levels.
Comes as the company announced the approval of substantial potash expansion by its Board of Directors and the increase in its dividends.
The major retail supplier of agricultural products and services said its Board of Directors has approved a one million tonne brownfield potash capacity expansion at its Vanscoy potash facility in Saskatchewan, Canada. The expansion is expected to increase annual production capacity by approximately 50%, bringing total annual nameplate capacity to three million tonnes.
The company also reported today that its Board of Directors approved a quadrupling of the cash dividend on common stock to $0.225 per share on a semi-annual basis, up from the previous semi-annual dividend of $0.055 per share. The $0.225 per share dividend will be paid January 19, 2012 to shareholders of record on January 1, 2012.
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