The Series C Preferred will pay distributions quarterly at an annualized dividend rate of 4.00% of the $50.00 per share liquidation preference of the Series C Preferred for the quarterly dividend periods
ending on or prior to March 26, 2019 (Year 1).
The monthly dividend periods
are from 15 December 2016 to 14 January 2017, 15 January 2017 to 14 February 2017 and from 15 February 2017 to 14 March 2017.
Furthermore, beginning on March 1, 2016, and for all dividend periods
thereafter, the dividend rate on the preferred stock would have been increased and fixed at 9%, making the issuance of the subordinated notes a positive impact to net income available to common shareholders in the future.
Based on the disclosure, DFNN will have the option, but not the obligation, to redeem the perpetual preferred shares in whole or in part on the fifth year anniversary from issue date or on any dividend payment date thereafter at the redemption price equal to the issue price plus cumulative and unpaid cash dividend, if any, for all dividend periods
up to the date of actual redemption.
The series A Preferred will pay distributions quarterly (dividend period
) and will have an annual dividend rate of 6.00% for the four dividend periods
ending on or prior to June 26, 2014 and 3.00% for the eight dividend periods
ending on or prior to June 26, 2016.
The Gabelli Global Utility & Income Trust (NYSE MKT:GLU) disclosed on Friday that its board of trustees increased the company's annual dividend rate to 3.80% for the Series A Preferred Shares (NYSE MKT:GLU Pr A), effective for all dividend periods
after the period ending 27 June 2016.
25 January 2013 -- The board of Trustees of The GDL Fund (NYSE: GDL) has reset the company's annual dividend rate to 3% for the series B Preferred Shares, effective for the eight dividend periods after March 26, 2013.
The company will reset the rate again and announce it at least 60 days prior to March 26, 2015 for all remaining dividend periods prior to March 26, 2018.
Additionally, the company said that the series A preferred shares will pay quarterly distributions and have an annual dividend rate of 6.00% for the four dividend periods
ending on or before 26 June 2014 and 3.00% for the subsequent eight dividend periods
ending on or prior to 26 June 2016.
Also, the series G preferred stock will pay quarterly and first twelve months' distributions from the date of issue today (1 August) at an annual rate of 6.00% and thereafter will have an annual dividend rate of 5.00% for all future dividend periods
and the stock has been approved by the New York Stock Exchange for listing and trading shortly.
Our analysis shows that the time horizon used to define and measure the dividend period is a key issue when interpreting the empirical results.
We show that the different results obtained in these studies are due to the use of different time horizons to define and measure the dividend period.