Ronwood, Michigan, USA, 30 November 2009 -- (BUSINESS WIRE) -- Keweenaw Land Association, Limited (KEWL) announced that the board of directors has voted to eliminate its dividend, beginning with the first quarter of 2010. The quarterly dividend had been USD 0.20 per share.
“The board concluded it was in the best interests of the shareholders to utilize funds, previously paid in the form of dividends, for corporate purposes and for possible future strategic initiatives,” said David Ayer, president and chief executive officer. The company will be paying the dividend on 15 December 2009, to shareholders of record on 15 November, as previously announced.
Keweenaw is a forest products, land management company located in Ironwood, Michigan. Keweenaw has land holdings of approximately 160,000 surface acres and more than 400,000 acres of mineral rights, located predominantly in the western Upper Peninsula of Michigan. Keweenaw shares trade in the pink sheets with 644,984 shares outstanding.