Scottish Re Announces Declaration of a Dividend on its Perpetual Preferred Shares & Issues Mandatory Potential Dividend Suspe...
October 12 2012 - 10:10AM
Business Wire
Scottish Re Group Limited ("Scottish Re" or the "Company")
announced today that it has declared and will pay a dividend on its
Non-Cumulative Perpetual Preferred Shares, liquidation preference
of $25 per share (the “Perpetual Preferred Shares”), for the
October 15, 2012 dividend payment date, and that it has issued a
mandatory Potential Dividend Suspension Notice in respect of the
Perpetual Preferred Shares for the January 15, 2013 dividend
payment date.
Declaration of Dividend for October 15,
2012 Dividend Payment Date
In connection with the October 15, 2012 dividend payment date,
holders of record as of September 30, 2012 will be entitled to
receive a dividend $0.3752 per Perpetual Preferred Share
outstanding, as determined in accordance with the terms of the
security.
Dividends on the Perpetual Preferred Shares first were suspended
by the Company in January 2008. Although permitted at times since
2008 to declare and pay a dividend, the Company has not paid
dividends on the Perpetual Preferred Shares since the January 2008
dividend payment date. Notwithstanding the Company’s decision to
pay a dividend on the October 15, 2012 dividend payment date, there
can be no assurance that a subsequent dividend payment on the
Perpetual Preferred Shares will be made by the Company, either in
its discretion or as a result of the application of the financial
tests contained in the terms of the Perpetual Preferred Shares.
Mandatory Potential Dividend Suspension
Notice
The Company posted to its website today, and is delivering to
holders of Perpetual Preferred Shares, a mandatory notice that it
may not meet certain financial tests required for the Company to be
permitted to declare and pay a dividend on the January 15, 2013
dividend payment date. Details of the notice can be found on the
Company’s website at www.scottishre.com.
About Scottish Re:
Scottish Re is a global life reinsurance specialist with
operating businesses in Bermuda, Ireland, and the United States.
Its operating subsidiaries include Scottish Annuity & Life
Insurance Company (Cayman) Ltd., Scottish Re (Dublin) Limited, and
Scottish Re (U.S.), Inc. Additional information about the Company
can be obtained on the Scottish Re website, www.scottishre.com.
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