Summary
Arch Capital Group Ltd. (ACGL) announced on May 15, 2020, its decision to declare dividends on its outstanding Series E and Series F Non-Cumulative Preferred Shares. This filing serves as an update on the company's commitment to returning value to its preferred shareholders, even amidst broader market conditions. The declarations cover two upcoming payment dates for both series: June 30, 2020, and September 30, 2020. Investors holding record of these preferred shares by June 15, 2020, and September 15, 2020, respectively, will be entitled to these dividends, subject to lawful availability under Bermuda law. This demonstrates continued dividend payments on these preferred securities.
Key Highlights
- 1Arch Capital Group Ltd. (ACGL) declared dividends for its Series E and Series F Non-Cumulative Preferred Shares.
- 2Dividends are scheduled to be paid on June 30, 2020, and September 30, 2020.
- 3Record dates for the June 30, 2020 payment are June 15, 2020, for both Series E and F.
- 4Record dates for the September 30, 2020 payment are September 15, 2020, for both Series E and F.
- 5The Series E preferred shares will receive a dividend of $0.328125 per depositary share for each period.
- 6The Series F preferred shares will receive a dividend of $0.340625 per depositary share for each period.
- 7Dividend payments are subject to the availability of lawfully distributable funds under Bermuda law.
Frequently Asked Questions
This 8-K filing is significant as it confirms Arch Capital Group Ltd. (ACGL) has declared regular dividend payments on its Series E and Series F Non-Cumulative Preferred Shares. This provides clarity and assurance to preferred shareholders regarding upcoming income distributions, signaling the company's ongoing financial capacity and commitment to its preferred equity holders.
For the Series E preferred shares, the dividend is $0.328125 per depositary share for each payment period. For the Series F preferred shares, the dividend is $0.340625 per depositary share for each payment period. These dividends are declared for both the June 30, 2020, and September 30, 2020, payment dates.
To be eligible to receive the dividends, investors must be holders of record of the respective Series E or Series F depositary shares as of the specified record dates. The record date for the June 30, 2020, payment is June 15, 2020, and the record date for the September 30, 2020, payment is September 15, 2020. The Board of Directors or the Executive Committee retains the right to determine otherwise.
Yes, all dividend payments are contingent upon being payable out of lawfully available funds for the payment of dividends under Bermuda law. This is a standard provision for dividend payments made by companies incorporated in Bermuda.