HAMILTON, Bermuda, Oct. 25, 2007 (PRIME NEWSWIRE) -- In order to
ensure sufficient cash resources to complete the successful
turnaround in its business, W.P. Stewart & Co., Ltd. (NYSE:WPL)
announced today the suspension of the regular quarterly dividend
payment to common shareholders.
Commenting on the decision taken today by the Board of Directors,
Bill Stewart, Chairman & CEO said: "We are about eight months into a
one- to two-year turnaround program, and the principal challenge is
that it takes time to do it right. We've essentially completed the
addition of strong, experienced people in most key positions; the
integration of our global research and portfolio management
activities and the substantial broadening of our product line.
Investment performance is improving and we have reduced operating
expenses."
"We continue to generate positive cash flow but we expect it will
take some time before the impact of these changes takes full effect.
The Board's action today is to ensure the Company has the cash
resources necessary to continue building out our global franchise,
including exploring possible strategic opportunities."
W.P. Stewart & Co., Ltd. is an asset management company that has
provided research-intensive equity management services to clients
throughout the world since 1975. The Company is headquartered in
Hamilton, Bermuda and has additional operations or affiliates in the
United States, Europe and Asia.
The Company's shares are listed for trading on the New York Stock
Exchange (NYSE:WPL) and on the Bermuda Stock Exchange (BSX:WPS).
For more information, please visit the Company's website at
www.wpstewart.com, or call W.P. Stewart Investor Relations (Fred M.
Ryan) at 1-888-695-4092 (toll-free within the United States) or
+441-295-8585 (outside the United States) or e-mail to
IRINFO@wpstewart.com.
CONTACT: W.P. Stewart & Co., Ltd.
Fred Ryan
441.295.8585
