RICHMOND, Va., Nov. 8, 2016 /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-four
cents ($0.54) per share on the
common shares of the Company, payable February 6, 2017, to common shareholders of
record at the close of business on January
9, 2017. This increase indicates an annualized rate of
$2.16 per common share and a yield of
approximately 4.0% based on the $54.60 closing price on November 7, 2016. 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, 2016, to
shareholders of record as of 5:00 p.m.
Eastern Time on December 1,
2016.
Effective with the payment of the Company's common dividend on
November 7, 2016, the Company
adjusted the conversion rate on its Series B Preferred Stock. The
adjusted conversion rate on the Series B Preferred Stock is 22.3920
common shares per $1,000 of
liquidation preference of Series B Preferred Stock. The new rate is
equivalent to a conversion price of approximately $44.66 per common share.
Mr. Freeman noted, "This is our 46th consecutive annual dividend
increase. We are proud of our strong record of returning
value to our shareholders, and our consistent dividend delivery is
one aspect of that record. We have raised our common dividend
every year since 1971."
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, 2016, were $2.1 billion. For more information on
Universal Corporation, visit its web site at
www.universalcorp.com.
Logo - http://photos.prnewswire.com/prnh/20150325/194370LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/universal-corporation-announces-46th-annual-increase-in-dividends-300359216.html
SOURCE Universal Corporation