Alcoa Inc. Board Approves Quarterly Dividends
September 29 2016 - 5:24PM
Business Wire
The Board of Directors (the “Board”) of Alcoa Inc. (NYSE:AA)
today declared dividends on its $3.75 cumulative preferred stock
(“Class A Stock”) and on its common stock.
The dividend declared on the Class A Stock is 93.75 cents per
share of Class A Stock, payable January 1, 2017, to holders of
record of the Class A Stock at the close of business on December 9,
2016.
Earlier this year, Alcoa announced plans to undertake a reverse
stock split of Alcoa common stock at a ratio of 1 for 3 and a
proportionate reduction in the number of authorized shares of its
common stock. Alcoa will hold a special shareholder meeting on
October 5, 2016 to seek approval of this reverse stock split and
authorized share count reduction.
The Board has declared (a) a quarterly common stock dividend of
9 cents per share, payable November 25, 2016, to holders of record
of the common stock at the close of business on November 4, 2016,
if the reverse stock split is approved or (b) a quarterly common
stock dividend of 3 cents per share, payable November 25, 2016, to
holders of record of the common stock at the close of business on
November 4, 2016, if the reverse stock split is not approved.
Alcoa Inc. also announced today that its Board has approved the
completion of the Company’s separation into two independent,
publicly-traded companies. The separation is scheduled to become
effective before the opening of the market on November 1, 2016. At
the time of separation, shareholders of Alcoa Inc. will retain
their shares of Alcoa Inc. Due to the name change of Alcoa Inc. to
Arconic Inc. upon separation, these shares will become Arconic Inc.
shares.
Following the completion of the separation, the board of
directors of each company will review and determine the dividend
policy of each company.
Dissemination of Company Information
Alcoa intends to make future announcements regarding Company
developments and financial performance through its website at
www.alcoa.com.
About Alcoa
A global leader in lightweight metals technology, engineering
and manufacturing, Alcoa innovates multi-material solutions that
advance our world. Our technologies enhance transportation, from
automotive and commercial transport to air and space travel, and
improve industrial and consumer electronics products. We enable
smart buildings, sustainable food and beverage packaging, high
performance defense vehicles across air, land and sea, deeper oil
and gas drilling and more efficient power generation. We pioneered
the aluminum industry over 125 years ago, and today, our
approximately 57,000 people in 30 countries deliver value-add
products made of titanium, nickel and aluminum, and produce
best-in-class bauxite, alumina and primary aluminum products. For
more information, visit www.alcoa.com, follow @Alcoa on Twitter at
www.twitter.com/Alcoa and follow us on Facebook at
www.facebook.com/Alcoa.
Forward-Looking Statements
This communication contains statements that relate to future
events and expectations and as such constitute forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements include those
containing such words as “anticipates,” “believes,” “could,”
“estimates,” “expects,” “forecasts,” “intends,” “may,” “outlook,”
“plans,” “projects,” “seeks,” “sees,” “should,” “targets,” “will,”
“would,” or other words of similar meaning. All statements that
reflect the Company’s expectations, assumptions or projections
about the future, other than statements of historical fact, are
forward-looking statements, including, without limitation,
statements regarding the separation transaction. Forward-looking
statements are not guarantees of future performance and are subject
to risks, uncertainties, and changes in circumstances that are
difficult to predict. Although the Company believes that the
expectations reflected in any forward-looking statements are based
on reasonable assumptions, it can give no assurance that these
expectations will be attained and it is possible that actual
results may differ materially from those indicated by these
forward-looking statements due to a variety of risks and
uncertainties. Such risks and uncertainties include, but are not
limited to: (a) uncertainties as to the timing of the separation
and whether it will be completed; (b) the possibility that various
closing conditions for the separation may not be satisfied; (c) the
outcome of contingencies, including legal proceedings; (d) the
impact of the separation on the businesses of Alcoa; (e) the risk
that the businesses will not be separated successfully or such
separation may be more difficult, time-consuming or costly than
expected, which could result in additional demands on Alcoa’s
resources, systems, procedures and controls, disruption of its
ongoing business and diversion of management’s attention from other
business concerns; and (f) the other risk factors discussed in the
Company’s Form 10-K for the year ended December 31, 2015, and other
reports filed with the SEC, and in the Form 10 registration
statement filed by Alcoa Upstream Corporation. The Company
disclaims any obligation to update publicly any forward-looking
statements, whether in response to new information, future events
or otherwise, except as required by applicable law.
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version on businesswire.com: http://www.businesswire.com/news/home/20160929006399/en/
AlcoaInvestors:Matthew
Garth212-836-2714Matthew.Garth@alcoa.comorMedia:Monica
Orbe212-836-2632Monica.Orbe@alcoa.com
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