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Casual bags maker Samsonite approves special cash allocation
22 Dec '06
3 min read
SAMSONITE CORPORATION announced that its Board of Directors approved a special cash distribution in an aggregate amount of $175 million consisting of dividends on the Company's common stock and convertible preferred stock and certain dilution adjustment payments to holders of the Company's outstanding stock options.
The total dividend per share of common stock will be within a range of $0.2273 and $0.2347 and the dividend per share of convertible preferred stock is $359.33. The minimum aggregate amount of dividends on the Company's common stock is $164,122,676 and the maximum aggregate amount of dividends on the Company's convertible preferred stock is $5,485,172. The aggregate amount of dilution adjustment payments is approximately $5.4 million.
As of December 21, 2006, holders of more than 90% of the convertible preferred stock have elected to convert their convertible preferred stock into common stock effective as of January 4, 2007.
The Board established January 2, 2007 as the record date for the dividends on the common stock and January 5, 2007 as the record date for the dividends on the convertible preferred stock.
While the aggregate amount of the Distribution has been fixed by the Board at $175 million, the exact amount of dividends paid on the common stock and the convertible preferred stock will not be known until January 5, 2007. Any supplemental portion of the dividends payable on the common stock that are not paid on January5, 2007 will be paid on January 9, 2007.
The total dividend per share of common stock will be within a range of $0.2273 and $0.2347 and the dividend per share of convertible preferred stock is $359.33. The minimum aggregate amount of dividends on the Company's common stock is $164,122,676 and the maximum aggregate amount of dividends on the Company's convertible preferred stock is $5,485,172. The aggregate amount of dilution adjustment payments is approximately $5.4 million.
As of December 21, 2006, holders of more than 90% of the convertible preferred stock have elected to convert their convertible preferred stock into common stock effective as of January 4, 2007.
The Board established January 2, 2007 as the record date for the dividends on the common stock and January 5, 2007 as the record date for the dividends on the convertible preferred stock.
While the aggregate amount of the Distribution has been fixed by the Board at $175 million, the exact amount of dividends paid on the common stock and the convertible preferred stock will not be known until January 5, 2007. Any supplemental portion of the dividends payable on the common stock that are not paid on January5, 2007 will be paid on January 9, 2007.
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