Telesat pays $400m in “special dividend”

Satellite operator Telesat of Canada has paid out about $400 million (€373.4m) by way of a special dividend to shareholders.

Telesat has a complicated ownership structure split between Loral Space & Communications (62.7 per cent of equity but only 32.7 per cent of voting rights) and the Public Pension Investment Board of Canada (PSP Investments with 32.7 per cent equity, and 62.8 per cent of voting rights).

Loral received $250.8 million on January 27th, and the balance going to PSP.  The payments represent a matching reduction in the share capital of Telesat Canada.

The special dividend brings to an end – at least for the time being – Telesat’s attempts to sell itself which it has been unsuccessfully trying to do for at least 3 years.

Telesat is the world’s 4th-largest satellite operator.

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