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Canadian Oil Sands Trust Falls After Dividend Cut

Dec. 3 (Bloomberg) -- 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.

To contact the reporter on this story: Gene Laverty in Charlotte at glaverty@bloomberg.net

To contact the editor responsible for this story: Susan Warren at susanwarren@bloomberg.net.

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