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SunOpta Inc. announced the elimination of dividend rights attached to the Series B-1 Preferred Stock of its subsidiary, SunOpta Foods Inc., effective from December 31, 2023. Oaktree Capital Management acquired 15,000 Series B-1 Preferred Shares for US$15 million in 2020 to support the plant-based foods business. The amendment stops the 8% annual dividend payment, which could have increased to 10% and become payable only in cash by 2029.
SunOpta Inc. ha annunciato l'eliminazione dei diritti ai dividendi legati alle azioni preferenziali Serie B-1 della sua filiale, SunOpta Foods Inc., a partire dal 31 dicembre 2023. Oaktree Capital Management ha acquisito 15.000 azioni preferenziali Serie B-1 per 15 milioni di dollari USA nel 2020 per sostenere l'attività nel settore degli alimenti a base vegetale. La modifica interrompe il pagamento del dividendo annuo dell'8%, che avrebbe potuto aumentare al 10% e diventare pagabile esclusivamente in contanti entro il 2029.
SunOpta Inc. anunció la eliminación de los derechos a dividendos asociados a las Acciones Preferentes Serie B-1 de su subsidiaria, SunOpta Foods Inc., efectiva a partir del 31 de diciembre de 2023. Oaktree Capital Management adquirió 15.000 Acciones Preferentes Serie B-1 por 15 millones de dólares estadounidenses en 2020 para apoyar el negocio de alimentos basados en plantas. La enmienda detiene el pago del dividendo anual del 8%, que podría haber aumentado al 10% y volverse pagadero únicamente en efectivo para el año 2029.
SunOpta Inc.는 자회사인 SunOpta Foods Inc.의 B-1 시리즈 우선주에 부여된 배당금 지급 권리를 2023년 12월 31일부로 폐지한다고 발표했습니다. Oaktree Capital Management은 2020년에 식물성 식품 사업을 지원하기 위해 1,500만 미국 달러에 B-1 시리즈 우선주 15,000주를 인수했습니다. 이번 개정으로 매년 8%의 배당금 지급이 중단되며, 이는 2029년까지 10%로 증가하고 현금으로만 지급될 수 있었습니다.
SunOpta Inc. a annoncé l'élimination des droits aux dividendes attachés aux actions de préférence Série B-1 de sa filiale, SunOpta Foods Inc., à compter du 31 décembre 2023. Oaktree Capital Management a acquis 15 000 actions de préférence Série B-1 pour 15 millions de dollars américains en 2020 afin de soutenir l'entreprise dans le secteur des aliments à base de plantes. L'amendement met fin au paiement du dividende annuel de 8%, qui aurait pu augmenter à 10% et devenir payable uniquement en espèces d'ici 2029.
SunOpta Inc. kündigte die Abschaffung der Dividendenrechte an den Serie B-1 Vorzugsaktien seiner Tochtergesellschaft, SunOpta Foods Inc., mit Wirkung zum 31. Dezember 2023 an. Oaktree Capital Management erwarb im Jahr 2020 15.000 Serie B-1 Vorzugsaktien für 15 Millionen US-Dollar, um das Geschäft mit pflanzenbasierten Lebensmitteln zu unterstützen. Die Änderung stoppt die jährliche Dividendenzahlung von 8%, die bis 2029 auf 10% steigen und nur in bar auszahlbar werden könnte.
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MINNEAPOLIS--(BUSINESS WIRE)--
SunOpta Inc. (“SunOpta” or the “Company”) (Nasdaq:STKL) (TSX:SOY), a U.S.-based global pioneer fueling the future of sustainable, plant-based foods and beverages, today announced the elimination of the dividend rights attaching to the shares of Series B-1 Preferred Stock (the “Series B-1 Preferred Shares”) of its subsidiary, SunOpta Foods Inc. (the “Subsidiary”), effective from and after December 31, 2023.
Funds managed by Oaktree Capital Management, L.P. (“Oaktree”) acquired 15,000 Series B-1 Preferred Shares for US$15 million in 2020 in a financing of the Company’s plant-based foods and beverages business, principally to add capacity via capital projects and to provide incremental liquidity.
The Series B-1 Preferred Shares previously paid a cumulative dividend of 8% per year that could be paid-in-kind or cash at the Company’s option, which dividend would have increased from 8% to 10% per year and become payable only in cash at the end of the Company’s third quarter in 2029. As a result of amendments to the terms of the Series B-1 Preferred Shares made with the consent of Oaktree, the holders of such shares have ceased to be entitled to receive dividends on such shares from and after December 31, 2023. All other rights and obligations of Oaktree under the amended and restated investor rights agreement, the exchange and support agreement and the voting trust agreement entered into on April 24, 2020 in connection with the issuance of the Series B-1 Preferred Shares remain unchanged.
Additional information regarding the amendments will be included in a Current Report on Form 8-K to be filed by the Company with the Securities and Exchange Commission and a material change report to be filed by the Company on www.sedarplus.com.
About SunOpta Inc.
SunOpta (Nasdaq:STKL) (TSX:SOY) is a U.S.-based, global pioneer fueling the future of sustainable, plant-based foods and beverages. Founded nearly 50 years ago, SunOpta manufactures natural, organic and specialty products sold through retail and foodservice channels. SunOpta operates as a manufacturer for leading natural and private label brands, and also proudly produces its own brands, including Sown®, Dream®, and West LifeTM. For more information, visit www.sunopta.com and LinkedIn.
What did SunOpta announce regarding its Series B-1 Preferred Stock dividend rights?
SunOpta announced the elimination of dividend rights attached to the Series B-1 Preferred Stock of its subsidiary, SunOpta Foods Inc., effective from December 31, 2023.
Who acquired 15,000 Series B-1 Preferred Shares from SunOpta in 2020?
Funds managed by Oaktree Capital Management acquired 15,000 Series B-1 Preferred Shares for US$15 million in 2020 to support the plant-based foods business.
What was the previous annual dividend percentage for the Series B-1 Preferred Shares?
The Series B-1 Preferred Shares previously paid a cumulative dividend of 8% per year that could be paid-in-kind or cash at the Company’s option.
When would the dividend percentage have increased to 10% and become payable only in cash?
The dividend percentage would have increased from 8% to 10% per year and become payable only in cash at the end of the Company’s third quarter in 2029.
sunopta inc. is a leading global company that sources organic ingredients, develops innovative products for brand owners, and packages healthy and organic food. the company specializes in sourcing, processing and manufacturing organic and non-gmo food products, integrated from seed through packaged products, focused on strategic vertically integrated business models. with about 1,800 employees worldwide, sunopta works to bring healthy food from field to table. the company's three consumer packaged goods platforms (healthy fruit, healthy beverages and healthy snacks) are supported by a global sourcing and supply infrastructure. throughout its history sunopta has evolved to become a strong, vibrant organization with a robust commitment to organic, non-gmo and specialty foods and environmental responsibility. the company is focused on building a profitable and sustainable organic and non-gmo foods business for 2016 and beyond.
