Universal Declares Dividends May 14

Source from:  Tobacco Reporter 02/09/2012

Universal Corp's board of directors has declared a quarterly dividend of $0.49 per share on the company's common shares, payable on May 14 to shareholders of record at the close of business on April 9. In addition, the board declared a quarterly dividend of $16.875 per share on the Series B 6.75% Convertible Perpetual Preferred Stock (Series B Preferred Stock), payable on March 15 to shareholders of record as of 17.00 hours Eastern Time on March 1. In announcing the dividends, the company said that with the payment of its common stock dividend on February 13, it would adjust the conversion rate on its Series B Preferred Stock. 'The adjustment of the conversion rate on the Series B Preferred Stock is required by the terms and conditions of the Series B Preferred Stock offering documents due to increases in the cash dividend per share of Universal's common stock,' Universal said in a press note. 'The adjusted conversion rate on the Series B Preferred Stock will be 21.7365 common shares per $1,000 of liquidation preference of Series B Preferred Stock. 'The new rate, which represents an increase of 0.5%, will be equivalent to a conversion price of approximately $46.01 per common share.' Enditem