Alcoa (AA) Approves Quarterly Dividends
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The Board of Directors (the “Board”) of Alcoa Inc. (NYSE: AA) today declared dividends on its $3.75 cumulative preferred stock (“Class A Stock”) and on its common stock.
The dividend declared on the Class A Stock is 93.75 cents per share of Class A Stock, payable January 1, 2017, to holders of record of the Class A Stock at the close of business on December 9, 2016.
Earlier this year, Alcoa announced plans to undertake a reverse stock split of Alcoa common stock at a ratio of 1 for 3 and a proportionate reduction in the number of authorized shares of its common stock. Alcoa will hold a special shareholder meeting on October 5, 2016 to seek approval of this reverse stock split and authorized share count reduction.
The Board has declared (a) a quarterly common stock dividend of 9 cents per share, payable November 25, 2016, to holders of record of the common stock at the close of business on November 4, 2016, if the reverse stock split is approved or (b) a quarterly common stock dividend of 3 cents per share, payable November 25, 2016, to holders of record of the common stock at the close of business on November 4, 2016, if the reverse stock split is not approved.
Alcoa Inc. also announced today that its Board has approved the completion of the Company’s separation into two independent, publicly-traded companies. The separation is scheduled to become effective before the opening of the market on November 1, 2016. At the time of separation, shareholders of Alcoa Inc. will retain their shares of Alcoa Inc. Due to the name change of Alcoa Inc. to Arconic Inc. upon separation, these shares will become Arconic Inc. shares.
Following the completion of the separation, the board of directors of each company will review and determine the dividend policy of each company.
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