D&E Communications Announces Dividend
July 30 2009 - 4:14PM
Marketwired
The Board of Directors of D&E Communications, Inc. (NASDAQ:
DECC) announced a quarterly dividend of $0.167 (16.7 cents) per
share of common stock payable on October 15, 2009, to shareholders
of record on September 30, 2009, maintaining the Company's current
annual dividend rate of $0.50 (50.0 cents) per share.
As required by the Agreement and Plan of Merger ("Merger
Agreement") dated May 10, 2009 with Windstream Corporation, D&E
has adjusted its dividend record date and payment date to
correspond to Windstream's dividend record date and payment date.
This change is designed to assure that D&E shareholders are
entitled to either a dividend on D&E common stock or Windstream
common stock, but not both, with regard to the calendar quarter in
which the merger occurs. Therefore, if the merger closes prior to
the close of business on September 30, 2009, D&E common shares
will be converted into and become exchangeable for (i) 0.650 shares
of common stock of Windstream and (ii) $5.00 in cash and will be
eligible to receive dividends, if any, on their Windstream common
stock. If the merger closes subsequent to the close of business on
September 30, 2009, D&E shareholders of record on such date
will receive the D&E dividend. D&E has adjusted the amount
of its dividend to $0.167 per share to maintain an annual dividend
rate of $0.50 per share, as permitted by the Merger Agreement, to
reflect the fact that there is a four-month period between the
scheduled payment date for the current D&E dividend and the
most recent D&E dividend payment date of June 15, 2009.
D&E is a leading integrated communications provider offering
high-speed data, Internet access, local and long distance
telephone, business continuity services, co-location facilities,
data and professional IT services, network monitoring, security
solutions and video services. Based in Lancaster County, D&E
has been serving communities in central and eastern Pennsylvania
for more than 100 years. For more information, visit
www.decommunications.com
Contact person: Thomas E. Morell (717) 738-8315
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