Shenandoah Telecommunications Company Announces Dividend and Share Repurchase Program
October 30 2019 - 4:45PM
The Board of Directors of Shenandoah Telecommunications Company
(Shentel) (NASDAQ: SHEN) declared a cash dividend of $0.29 per
share and authorized a share repurchase program, under which the
Company may purchase up to an aggregate of $80 million of its
outstanding common stock.
The dividend is an increase of $0.02 per share or 7.4% over the
2018 dividend. The dividend will be payable December 2, 2019,
to shareholders of record as of the close of business on November
14, 2019. The Company has paid an annual dividend for 59
consecutive years and has increased the dividend in each of the
past seven years.
The share repurchase program will become effective November 4,
2019 and is expected to be executed over the next twelve
months. Shares may be purchased from time to time, subject to
general business and market conditions and other investment
opportunities, through open market purchases, including under plans
complying with Rule 10b5-1 under the Securities Exchange Act of
1934, privately negotiated transactions, or other means. The
share repurchase program may be suspended, discontinued or
terminated at any time at the Company’s discretion.
“Our track record of paying and increasing our dividend along
with the adoption of the share repurchase program demonstrates our
confidence in the strong cash flow generation of our businesses,”
said President and CEO Christopher E. French. “We will
continue to invest in the long-term growth of our business segments
while returning capital to our shareholders.”
About Shenandoah Telecommunications
Shenandoah Telecommunications Company (Shentel) provides a broad
range of diversified communications services through its high
speed, state-of-the-art network to customers in the Mid-Atlantic
United States. The Company’s services include: wireless voice and
data; cable video, internet and digital voice; fiber network and
services; and regulated local and long distance telephone. Shentel
is the exclusive personal communications service (“PCS”) Affiliate
of Sprint in a multi-state area covering large portions of central
and western Virginia, south-central Pennsylvania, West Virginia,
and portions of Maryland, North Carolina, Kentucky, and Ohio. For
more information, please visit www.shentel.com.
For further information, please contact Jim Volk, Senior Vice
President-Finance and Chief Financial Officer, at 540-984-5168.
This release contains forward-looking statements that are
subject to various risks and uncertainties. The Company’s actual
results could differ materially from those anticipated in these
forward-looking statements as a result of unforeseen factors. A
discussion of factors that may cause actual results to differ from
management’s projections, forecasts, estimates and expectations is
available in the Company’s filings with the SEC. Those factors may
include changes in general economic conditions, increases in costs,
changes in regulation and other competitive factors.
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