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Exco Resources completes $135.3 million payment to shareholders

Exco Resources (ASX: EXS) has completed the payment of its capital return and special dividend to owners of ordinary shares.

The payment was made to shareholders on the register at the close of business on December 2, 2011.

It comprised a capital return of $0.10 per share, along with a fully franked special dividend of $0.28 per share.

The combined distributions represent a return to shareholders of $135.3 million (fully diluted), in accordance with the company’s stated intentions following the sale of the Cloncurry Copper Project to Xstrata (LON: XTA).

Exco sought shareholder approval for the move at the company’s November annual general meeting.

A draft class ruling from the Australian Taxation Office, received in October, indicated that the distribution would not be taxed as a dividend.