Exhibit 99.1
[Letterhead of W.P. Stewart & Co., Ltd.]
Contact: Fred Ryan
telephone: 441.295.8585
24 October 2007
Hamilton, Bermuda
W.P. Stewart & Co., Ltd. Suspends Dividend
In order to ensure sufficient cash resources to complete the successful
turnaround in its business, W.P. Stewart & Co., Ltd. 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.