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 special stock dividend of 0.014 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 special stock dividend is payable on December 22, 2017 to
stockholders of record as of the close of business on December 8, 2017.
Cash will be paid in lieu of issuing any fractional shares of Class A
Common Stock.
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 $47.5 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 special stock
dividend described above. 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 $29.60,
which is the volume weighted average price per share of the Class A
Common stock for the five trading days ended November 27, 2017. 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 $29.60 per share.
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.
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 materials-based
company that supplies aggregates, cement, ready-mixed concrete and
asphalt in the United States and British Columbia, Canada. Summit is a
geographically diverse, materials-based business of scale that offers
customers a single-source provider of construction materials and related
downstream products in the public infrastructure, residential and
nonresidential, and end markets. Summit has a strong track record of
successful 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, uncertainties and other factors that may cause our
actual results, performance or achievements to be materially different
from future results, performance or achievements expressed or implied by
such forward-looking statements. We derive many of our forward-looking
statements from our operating budgets and forecasts, which are based
upon many detailed assumptions. While we believe that our assumptions
are reasonable, it is very difficult to predict the effect of known
factors, and, of course, it is impossible to anticipate all factors that
could affect our actual results.
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 realized. 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 Summit Inc.’s Annual Report on Form 10-K for the fiscal year ended
December 31, 2016, as filed with the Securities and Exchange Commission.
All subsequent written and oral forward-looking statements attributable
to us, or persons acting on our behalf, are expressly qualified in their
entirety by these cautionary statements.
Any forward-looking statement that we make herein speaks only as of the
date of this press release. 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 required by law.

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Summit Materials, Inc.
Mr. Noel Ryan
Vice President,
Investor Relations
noel.ryan@summit-materials.com
Source: Summit Materials