Westway Group (WWAY) Announces $0.04 Dividend Payable in Cash or Common Shares
Westway Group, Inc. (Nasdaq: WWAY) ("Westway" or the "Company") today announced that its Board of Directors declared a quarterly dividend of $0.04 per share of common stock payable on April 23, 2012 to holders of record of the Company's common stock and participating preferred stock on February 27, 2012. The dividend will be payable in cash or shares of the Company's common stock, or a combination thereof, at the election of each shareholder, subject to a limitation on the aggregate amount of cash payable in satisfaction of the dividend.
Each shareholder entitled to receive the dividend will have until March 23, 2012 to make a distribution election. Any shareholder that has not made a distribution election by such date will be deemed to have elected to receive the dividend in shares of common stock. The value of the common stock to be used to calculate the number of shares to be issued with respect to that portion of the dividend payable in shares of common stock shall be the volume weighted average price of the Company's Class A common stock on NASDAQ from March 26, 2012 through April 5, 2012.
Shareholders whose dividend is payable in whole or in part in shares of the Company's common stock will receive a cash payment in lieu of any fractional shares due.
Additional information regarding the dividend and distribution election will be mailed to shareholders of record as soon as practicable after February 27, 2012. A properly completed distribution election form must be received by the Company's transfer agent prior to 5:00 PM Eastern on March 23, 2012. General questions regarding the dividend should be directed to Thomas A. Masilla, Jr., the Company's Chief Financial Officer. Questions regarding the distribution election procedure should be directed to Continental Stock Transfer & Trust Company at 212-845-3208, in the case of registered shareholders, and to the bank, broker or nominee holding the shares, in the case of shares held through a bank, broker or nominee.
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Each shareholder entitled to receive the dividend will have until March 23, 2012 to make a distribution election. Any shareholder that has not made a distribution election by such date will be deemed to have elected to receive the dividend in shares of common stock. The value of the common stock to be used to calculate the number of shares to be issued with respect to that portion of the dividend payable in shares of common stock shall be the volume weighted average price of the Company's Class A common stock on NASDAQ from March 26, 2012 through April 5, 2012.
Shareholders whose dividend is payable in whole or in part in shares of the Company's common stock will receive a cash payment in lieu of any fractional shares due.
Additional information regarding the dividend and distribution election will be mailed to shareholders of record as soon as practicable after February 27, 2012. A properly completed distribution election form must be received by the Company's transfer agent prior to 5:00 PM Eastern on March 23, 2012. General questions regarding the dividend should be directed to Thomas A. Masilla, Jr., the Company's Chief Financial Officer. Questions regarding the distribution election procedure should be directed to Continental Stock Transfer & Trust Company at 212-845-3208, in the case of registered shareholders, and to the bank, broker or nominee holding the shares, in the case of shares held through a bank, broker or nominee.
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