The Canadian Press
The corporate logo of Sirius XM Radio Inc. is shown. THE CANADIAN PRESS/HO
TORONTO - Shares in Canadian Satellite Radio Holdings Inc. (TSX:XSR) soared Tuesday after the parent company of Sirius XM Radio announced both a regular and special dividend.
On the Toronto Stock Exchange, the company's stock rose 90 cents, or 18 per cent, to close at $5.80 as 1.1 million shares traded hands.
After the markets closed Monday, Canadian Satellite announced it would pay a special cash dividend and begin paying a quarterly dividend.
The company said it will pay a special cash dividend of 8.25 cents per class A subordinate voting share and 2.75 cents per class B voting share.
The broadcaster will also pay begin paying a quarterly dividend of the same amount.
Both the special and quarterly dividend will have a record date of Nov. 28 and a payment date of Jan. 2.
Last week, the company reported a loss of $4.2 million or three cents per share on $259.6 million in revenue for the financial year ended Aug. 31.
The loss compared with profit of $17.9 million or 19 cents per share on $140.9 million in revenue for its 2011 financial year.