Summary
Arch Capital Group Ltd. (ACGL) filed a Current Report on Form 8-K on May 15, 2007, to announce dividend declarations for its preferred shares. The company's Board of Directors declared dividends for its 8.00% Non-Cumulative Preferred Shares, Series A, and its 7.875% Non-Cumulative Preferred Shares, Series B. These dividends are payable on August 15, 2007, to shareholders of record as of August 1, 2007, provided that lawfully available funds exist under Bermuda law and no contrary determination is made by the Board.
Key Highlights
- 1Declaration of dividends for 8,000,000 shares of 8.00% Non-Cumulative Preferred Shares, Series A.
- 2Declaration of dividends for 5,000,000 shares of 7.875% Non-Cumulative Preferred Shares, Series B.
- 3Dividends are scheduled to be paid on August 15, 2007.
- 4Record date for dividend payment is August 1, 2007.
- 5Total declared dividend for Series A shares is $4,000,000.
- 6Total declared dividend for Series B shares is $2,460,938.
- 7Payment of dividends is contingent upon the availability of lawful funds under Bermuda law and Board discretion.
Frequently Asked Questions
This Form 8-K filing is primarily to announce the declaration of dividends by Arch Capital Group Ltd.'s Board of Directors on its Series A and Series B Non-Cumulative Preferred Shares.
The dividends are payable on August 15, 2007, to shareholders of record on August 1, 2007, subject to available funds and Board approval.
For the Series A shares, the total declared dividend is $4,000,000, equivalent to $0.50 per share. For the Series B shares, the total declared dividend is $2,460,938, equivalent to approximately $0.4922 per share.
Yes, the payment of dividends is subject to the availability of lawfully available funds under Bermuda law and can be altered or not declared if determined otherwise by the Board or its Executive Committee.