NEW YORK, March 24, 2014 /PRNewswire/ -- MFC Industrial Ltd. ("MFC" or the "Company") (NYSE: MIL) is pleased to announce that its board of directors has declared an annual cash dividend for 2014 of US$0.24 per common share. Payment and ex-dividend dates and additional information regarding the dividend will be announced in due course. The Company also announces that its board of directors has appointed James M. Carter as Chief Financial Officer, Peter Kellogg as Chairman and Dr. Shuming Zhao as a director of the Company to fill the vacancy created as a result of the recent passing of Ian Rigg.
Mr. Carter, our new CFO is a Chartered Accountant with over 40 years of experience in both public and private companies, with an emphasis on the commodities sector and international business markets. Mr. Carter has served as Vice-President of the Company for over 15 years. Mr. Carter has also served as an officer and director of a number of private and publicly traded companies.
The Company is continuing its search for a new CEO and announces that Michael Smith currently intends to retire as CEO after the annual meeting of the Company scheduled for the end of this year. Mr. Smith will continue as a director of the Company and plans to work with the Board in searching for a successor and to ensure an orderly succession.
The board of directors of the Company has also determined to declassify its board structure so that all directors will be elected on an annual basis and terminated the Company's shareholder rights plan agreement dated November 11, 2013.
About MFC Industrial Ltd.
MFC is a global commodity supply chain company and is active in a broad spectrum of activities, including its integrated commodities operations, mineral and hydrocarbon interests, which focus on metals, energy, chemicals, plastics and wood products. MFC also provides logistics, financial and risk management services to producers and consumers of commodities. Our global business activities are supported by our captive commodities sources through strategic direct or indirect investments and other commodities sources secured by us from third parties.
To obtain further information on the company, please visit our website at www.mfcindustrial.com.
SOURCE MFC Industrial Ltd.