Universal declares dividends

Universal Corporation’s board of directors yesterday declared a quarterly dividend of $0.52 per common share, payable on November 9 to shareholders of record at the close of business on October 13.

In addition, the board declared a quarterly dividend of $16.875 per share on the Series B 6.75% Convertible Perpetual Preferred Stock (Series B Preferred Stock) payable on September 15 to shareholders of record as of 17.00 Eastern Time on September 1.

‘Effective with the payment of the company’s common stock dividend on August 10, 2015, the company will adjust the conversion rate on its Series B Preferred Stock,’ Universal said in announcing the dividends. ‘The adjusted conversion rate on the Series B Preferred Stock will be 22.1952 common shares per $1,000 of liquidation preference of Series B Preferred Stock. ‘The new rate is equivalent to a conversion price of approximately $45.05 per common share.’