Universal Corp.’s board of directors declared a quarterly dividend of $0.51 per common share payable on May 12 to shareholders of record at the close of business on April 14.
The board declared also a quarterly dividend of $16.875 per share on the company’s Series B 6.75% convertible perpetual preferred stock (series B preferred stock) payable on March 17 to shareholders of record as of 5 p.m. Eastern Time on March 1.
Effective with the payment of the common stock dividend on Feb. 10, the company will adjust the conversion rate on its series B preferred stock.
“The adjusted conversion rate on the series B preferred stock will be 21.9648 common shares per $1,000 of liquidation preference of series B preferred stock,” Universal said in a press note. “The new rate will be equivalent to a conversion price of approximately $45.53 per common share.”