RICHMOND, Va., Feb. 5 /PRNewswire-FirstCall/ -- Allen B. King, Chairman
and Chief Executive Officer of Universal Corporation (NYSE: UVV), announced
today that the Company's Board of Directors declared a quarterly dividend
of forty-five cents ($0.45) per share on the common shares of the Company,
payable May 12, 2008, to common shareholders of record at the close of
business on April 14, 2008.
In addition, the Board of Directors declared a quarterly dividend of
$16.875 per share on the Series B 6.75% Convertible Perpetual Preferred
Stock ("Series B Preferred Stock"), payable March 17, 2008, to shareholders
of record as of 5:00 p.m. Eastern Time on March 1, 2008.
Effective with the payment of the Company's common stock dividend on
February 11, 2008, the Company will adjust the conversion rate on its
Series B Preferred Stock. The adjustment of the conversion rate on the
Series B Preferred Stock is required by the terms and conditions of the
Series B Preferred Stock offering documents due to increases in the cash
dividend per share of Universal's common stock. The adjusted conversion
rate on the Series B Preferred Stock will be 21.4237 common shares per
$1,000 of liquidation preference of Series B Preferred Stock. The new rate,
which represents an increase of 0.1%, will be equivalent to a conversion
price of $46.68 per common share.
Headquartered in Richmond, Virginia, Universal Corporation is one of
the world's leading tobacco merchants and processors and conducts business
in more than 35 countries. Its revenues from continuing operations for the
fiscal year ended March 31, 2007, were $2.0 billion. For more information
on Universal Corporation, visit its web site at http://www.universalcorp.com.
SOURCE Universal Corporation
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Related links:
http://www.universalcorp.com
CONTACT:
Karen M. L. Whelan of Universal Corporation,
+1-804-359-9311, Fax, +1-804-254-3594, investor@universalleaf.com
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