Universal board declares dividends

Universal Corp.’s board of directors has declared a quarterly dividend of $0.50 per common share payable on Nov. 12 to shareholders of record at the close of business on Oct. 15.

In addition, the board has declared a quarterly dividend of $16.875 per share on its Series B 6.75% Convertible Perpetual Preferred Stock (Series B Preferred Stock) payable on Sept. 16 to shareholders of record as of 5 p.m. Eastern Time on Sept. 1.

Effective with the payment of Universal’s common stock dividend on Aug. 12, the company will adjust the conversion rate on its Series B Preferred Stock. The adjusted conversion rate on the Series B Preferred Stock will be 21.9014 common shares per $1,000 of liquidation preference of Series B Preferred Stock. The new rate will be equivalent to a conversion price of about $45.66 per common share.