Rayonier (RYN) announced that the company’s board of directors has declared a one-time, special dividend of $1.40 per common share, consisting of a combination of cash and the company’s common shares. The dividend is payable on December 12 to shareholders of record on October 24. The special dividend is being made in connection with the taxable gains arising from the previously announced sale of Rayonier’s New Zealand joint venture interests for $710M that closed on June 30. The cash component of the special dividend will not exceed 25% in the aggregate, with the balance payable in the company’s common shares. The company expects the dividend will be a taxable dividend to shareholders, regardless of whether received in the form of cash or common shares.
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