DENVER--(BUSINESS WIRE)--
Summit Materials, Inc.(NYSE:SUM, “Summit” or the “Company”), a
leading vertically integrated construction materials company, today
announced that it has declared a stock dividend of 0.015 shares of the
Company’s Class A common stock, par value $0.01 per share (“Class A
Common Stock”), for each outstanding share of Class A Common Stock. The
stock dividend is payable on December 28, 2015 to stockholders of record
as of the close of business on December 11, 2015. Cash will be paid in
lieu of issuing any fractional shares of Class A Common Stock. Summit
currently has approximately 49 million shares of Class A Common Stock
outstanding.
Stockholders are not required to take any action in order to receive the
stock dividend or cash in lieu of fractional shares, and the book entry
accounts of the stockholders of record will automatically be credited
with the additional shares representing the stock dividend. Stockholders
will be paid for the value of any fractional shares that would have been
received in lieu of any such fractional shares. Where shares are held in
a brokerage account, the additional shares will be distributed to the
broker on the stockholder’s behalf. The stock dividend is being
administered by Broadridge Corporate Issuer Solutions, Inc., the
Company's transfer agent.
As previously disclosed, the Company’s subsidiary Summit Materials
Holdings L.P. (“Summit Holdings”) makes cash distributions to the
holders of Summit Holdings’ limited partnership units (“LP Units”)to
cover tax obligations arising from any net taxable income of Summit
Holdings allocable to holders of LP Units. As an LP Unit holder, the
Company has received such cash distributions from Summit Holdings in
excess of the amount required to satisfy the Company’s associated tax
obligations. As a result, the Company is using the excess cash of
approximately $17 million in the aggregate to acquire newly-issued LP
Units from Summit Holdings and to make cash payments in lieu of issuing
any fractional shares in connection with the related stock dividend. The
stock dividend has been declared in order to maintain an equal number of
shares of Class A Common Stock outstanding to the LP Units held by the
Company, and the aggregate number of Class A Common Stock issued in the
stock dividend will equal the number of additional LP Units the Company
is purchasing from Summit Holdings. The LP Units will be purchased at a
per unit price of $22.92, which is the volume weighted average price per
share of the Class A Common stock for the five trading days ended
November 30, 2015. Cash payments in lieu of fractional shares will also
be made on the basis of a value per share of Class A Common Stock of
$22.92 per share.
The declaration, amount and payment of any future dividends on shares of
Class A Common Stock will be at the sole discretion of Summit’s board of
directors and the amount and timing of any future dividends cannot be
predicted at this time.
About Summit Materials
Summit Materials is a leading vertically integrated construction
materials company that supplies aggregates, cement, ready-mixed concrete
and asphalt in the United States and British Columbia, Canada. Summit is
a geographically diverse, aggregates-based business of scale that offers
customers a single-source provider of construction materials and related
downstream products in the residential, nonresidential, and public
infrastructure end markets. Summit has completed more than 35
acquisitions since its founding and continues to pursue growth
opportunities in new and existing markets.
For more information about Summit Materials, please visit www.summit-materials.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the
meaning of the federal securities laws, which involve risks and
uncertainties. Forward-looking statements include all statements that do
not relate solely to historical or current facts, and you can identify
forward-looking statements because they contain words such as
“believes,” “expects,” “may,” “will,” “should,” “seeks,” “intends,”
“trends,” “plans,” “estimates,” “projects” or “anticipates” or similar
expressions that concern our strategy, plans, expectations or
intentions. Any and all statements made relating to the stock dividend
are forward-looking statements. These forward-looking statements are
subject to risks and uncertainties that may change at any time, and,
therefore, actual outcomes may differ materially from those expected.
Many of our forward-looking statements are based upon detailed
assumptions. While we believe that our assumptions are reasonable, it is
very difficult to predict the impact of known factors, and, of course,
it is impossible to anticipate all factors that could affect actual
outcomes.
In light of the significant uncertainties inherent in the
forward-looking statements included herein, the inclusion of such
information should not be regarded as a representation by us or any
other person that the results or conditions described in such statements
or our objectives and plans will be achieved. Important factors could
affect our results and could cause results to differ materially from
those expressed in our forward-looking statements, including but not
limited to the factors discussed in the section entitled “Risk Factors”
in our prospectus filed with the SEC on August 11, 2015. Such factors
may be updated from time to time in our periodic filings with the SEC,
which are accessible on the SEC’s website at www.sec.gov.
We undertake no obligation to publicly update or revise any
forward-looking statement as a result of new information, future events
or otherwise, except as otherwise required by law.

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Summit Materials
Investor Relations:
303-515-5159
investorrelations@summit-materials.com
or
Media:
303-515-5158
mediarelations@summit-materials.com
Source: Summit Materials