Universal Corporation’s board of directors yesterday declared a quarterly dividend of $0.53 per share on the company’s common shares, payable on May 9 to shareholders of record at the close of business on April 11.
In addition, the board declared a quarterly dividend of $16.875 per share on the Series B 6.75 percent Convertible Perpetual Preferred Stock (“Series B Preferred Stock”), payable on March 15 to shareholders of record as of 17.00 Eastern Time on March 1.
In making the dividend announcements, Universal said that, effective with the payment of the common stock dividend on February 8, it would adjust the conversion rate on its Series B Preferred Stock.
‘The adjusted conversion rate on the Series B Preferred Stock will be 22.2744 common shares per $1,000 of liquidation preference of Series B Preferred Stock,’ the company said. ‘The new rate is equivalent to a conversion price of approximately $44.89 per common share.’