Listings

Declaring Dividends or Distributions

By following the steps outlined below, you will ensure that Toronto Stock Exchange (TSX) is aware of the distribution, can set an ex-dividend date and that no problems exist with the proposed timing, before it is publicly announced.

If an issuer fails to follow proper procedures when declaring dividends/distributions, TSX will hold the issuer liable for dividend claims made by both buyers and sellers.

When Declaring Dividends or Distributions

Do
  1. Provide notice to TSX as soon as the dividend/distribution has been declared and at least seven (7) trading days' notice to TSX prior to the record date.
  2. File TSX Reporting Form 5, Dividend/Distribution Declaration as soon as the dividend/distribution has been declared. You must file TSX Reporting Form 5 by TSX SecureFile.
  3. Call Kay Dhanraj at TSX to confirm the details of information of TSX Reporting Form 5. Her telephone number is (416) 947-4663.
  4. News release the dividend or distribution immediately after discussing the information with Kay.
  5. Consider additional steps you may need to take to advise non-resident shareholders of the dividend or distribution.
  6. Call Kay if you have any questions!
Do not
  1. Send TSX a copy of the news release as written advice of the dividend/distribution. Dividend/distribution announcements are usually part of a longer news release. To avoid TSX missing certain information, TSX requires you to file TSX Reporting Form 5.
  2. Publish the ex-dividend date unless Kay has confirmed it.

What if you make a mistake?

If you become aware of an error, contact TSX and/or issue a clarifying news release immediately. It's essential that the public record is accurate. If you have filed TSX Reporting Form 5 using TSX SecureFile, you will need to refile it and note in the Comments Section that it's an amended filing. Please note, you will be responsible for paying dividends/distributions to both buyers and sellers if you fail to follow proper procedure, and we are advised of the error too close to the record date.

If you would like to read the specific requirements, you can find them in Sections 428 - 435.2 of the TSX Company Manual.