Scottish Re Announces Declaration of a Dividend on its Perpetual Preferred Shares and Issues Mandato
Scottish Re Announces Declaration of a Dividend on its Perpetual Preferred Shares and Issues Mandatory Potential Dividend Suspension Notice for the Subsequent Dividend Payment Date
HAMILTON, Bermuda--(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.
Scottish Re Group Limited
Media and Investor Contact:
Dan Roth, 441-298-4373
Chief Financial Officer
KEYWORDS: United States Bermuda Europe North America Canada Caribbean Florida Ireland
The article Scottish Re Announces Declaration of a Dividend on its Perpetual Preferred Shares and Issues Mandatory Potential Dividend Suspension Notice for the Subsequent Dividend Payment Date originally appeared on Fool.com.
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