RICHMOND, Va., Nov. 5, 2015 /PRNewswire/ -- George C. Freeman, III, Chairman, President and
Chief Executive Officer of Universal Corporation (NYSE:UVV),
announced today that the Company's Board of Directors declared a
quarterly dividend of fifty-three
cents ($0.53) per share on the
common shares of the Company, payable February 8, 2016, to common shareholders of
record at the close of business on January
11, 2016. This increase indicates an annualized rate
of $2.12 per common share and a yield
of approximately 3.9% based on the $54.65 closing price on November 4, 2015. The Board of Directors also
declared a quarterly dividend of $16.875 per share on the Series B 6.75%
Convertible Perpetual Preferred Stock ("Series B Preferred Stock"),
payable December 15, 2015, to
shareholders of record as of 5:00 p.m.
Eastern Time on December 1,
2015.
Effective with the payment of the Company's common dividend on
November 9, 2015, 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
22.2340 common shares per $1,000 of
liquidation preference of Series B Preferred Stock. The new rate is
equivalent to a conversion price of approximately $44.98 per common share.
Mr. Freeman noted, "At Universal, we work hard to deliver value
to our shareholders, and dividends are one of the principal ways in
which we do that. Today's increase is our 45th
consecutive annual common dividend increase. We have raised
our common dividend every year since 1971."
In addition, Mr. Freeman announced that the Company's Board of
Directors had approved a program for the repurchase of up to
$100 million of Universal Corporation
shares of common stock or securities convertible into common stock.
The authorized purchases may be made from time to time on the open
market or in privately negotiated transactions at prices not
exceeding prevailing market rates. Universal currently has
approximately 22.7 million common shares outstanding.
Headquartered in Richmond,
Virginia, Universal Corporation is the leading global leaf
tobacco supplier and conducts business in more than 30
countries. Its revenues for the fiscal year ended
March 31, 2015, were $2.3 billion. For more information on
Universal Corporation, visit its web site at
www.universalcorp.com.
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SOURCE Universal Corporation