By Robb M. StewartCanadian digital media and marketing company Yellow Pages will hand out roughly 50 million Canadian dollars ($36.5 million) to its shareholders by way of a share buyback in move that will also see it push ahead with incremental cash contributions to its defined benefit pension plan. Yellow Pages' board has approved plans to buy from shareholders a total of 4.4 million company shares at C$11.26 each. The company also will advance the cash contributions to its pension plan's wind-up deficit by C$12 million before the end of the year., bringing 2023 cash payments to the deficit to C$18 million. The C$12 million infusion represents advancing $6 million in contributions intended in 2025 and 2026 that were part of a deficit-cutting plan announced in May 2021 to increase the probability that the pension plan will be fully funded by 2030. The proposed arrangement is subject to shareholder approval at a special meeting set for Nov. 30, Yellow Pages said.

Source: Wall Street Journal October 19, 2023 14:24 UTC