Canadian Oil Sands Trust Falls After Dividend Cut
Canadian Oil Sands Trust, the biggest owner of the Syncrude Canada Ltd. venture, plunged after it said it will cut its dividend 60 percent. The trust, which will convert to a corporation next year, said in a statement it plans to pay shareholders a dividend of 20 cents a share for the first quarter. As a trust, Canadian Oil Sands had a quarterly cash distribution of 50 cents.
Canadian Oil Sands fell C$3.31, or 11.7 percent, to C$25.10 as of 4:17 p.m. on the Toronto Stock Exchange.
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