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Dollarama shareholders approve 3-for-1 stock split

Dollarama Inc.'s shareholders on June 7 approved a three-for-one split of the Canadian dollar store operator's outstanding common shares.

The share split was approved by the board of directors March 28.

As a result, shareholders of record as at the close of business on June 14 will receive two additional common shares on June 19 for each common share held.

Dollarama had 109,242,359 common shares issued and outstanding as of June 6. Adjusting for the share split, there would have been 327,727,077 common shares issued and outstanding as of June 6.

The company said its common shares will trade on a due bill basis on the Toronto Stock Exchange from June 13 to June 19.

The retail chain added that the split is not expected to result in taxable income or in any gain or loss to shareholders for Canadian federal income tax purposes.

The announcement came shortly after TSX approved a renewal of Dollarama's share repurchase program for 5% of its shares outstanding.