Summary
Arch Capital Group Ltd. (ACGL) announced on February 26, 2016, that its Board of Directors declared dividends for its outstanding Series C Non-Cumulative Preferred Shares. This filing is primarily informational, detailing the dividend declaration for preferred shareholders and confirming the payment process. Investors holding these preferred shares should note the record and payment dates to ensure they receive their distributions.
Key Highlights
- 1Arch Capital Group Ltd. declared dividends for its 13,000,000 outstanding shares of 6.75% Non-Cumulative Preferred Shares, Series C.
- 2The dividend amount declared is $0.01 per share, totaling $5,484,375 for the Series C Shares.
- 3The dividend payment date is scheduled for March 31, 2016.
- 4The record date for determining dividend entitlement is March 15, 2016.
- 5The dividend covers the period from December 31, 2015, to March 30, 2016.
- 6Dividends will be paid out of lawfully available funds under Bermuda law.
Frequently Asked Questions
The primary purpose of this 8-K filing is to formally announce the declaration of preferred share dividends by Arch Capital Group Ltd.'s Board of Directors.
Shareholders of record of the Series C Shares as of March 15, 2016, will be eligible to receive the declared dividend.
The dividends are scheduled to be paid on March 31, 2016.
The dividend declared is $0.01 per share for the Series C Non-Cumulative Preferred Shares, with a stated annual rate of 6.75% and a liquidation preference of $25.00 per share. The table indicates a calculated dividend amount of $0.421875 per share for the specified dividend period, which seems to be a more precise figure for the period mentioned.