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Olympia Financial Group Inc Announces Potential Special Dividend and Anticipated Changes to 2014 Quarterly Dividend Policy


Tuesday, 12 Nov 2013 06:10pm EST 

Olympia Financial Group Inc announced that in the event that the CSS Sale Transaction is completed, Olympia expects to distribute the majority of the after-tax net proceeds, up to a maximum of $10.00 per common share, to shareholders as a special dividend. In the event the CSS Sale Transaction is completed as contemplated, the details of any special dividend to shareholders will be included in a subsequent press release. For greater certainty, the Board of Directors has not declared a special dividend at this time but rather is advising of its intention to do so in the event that the CSS Sale Transaction is completed. Olympia's dividend reinvestment plan would be suspended and would not be eligible for use by shareholders with respect to any special dividend that is declared in connection with the completion of the CSS Sale Transaction. In the event that the CSS Sale Transaction is completed and a special dividend is declared and paid to shareholders as contemplated above, the Board intends on changing the Company's dividend policy whereby the regular quarterly dividend rate will be decreased to $0.50 per share on its common shares from the current rate of $0.70 per share, a decrease of 28.50%. Pursuant to the current dividend policy, Olympia pays regular quarterly dividends on its common shares on or about January 31, April 30, July 31 and October 31. 

Company Quote

37.25
0.0 +0.00%
23 Jul 2014