General Motors on Tuesday announced a quarterly dividend of $0.59375 per share on its series B mandatory convertible junior preferred stocks. The dividend is payable March 1, 2013 to Series B shareholders of record as of February 15, 2013; the dividend is cumulative, with the total amount being roughly $59.4 million.
GM’s series B shares were distributed after the automaker’s initial public offering, and are traded on the open market.
General Motors expects to pay share holders of its Series B preferred stock cumulative dividends at the rate of 4.75 percent per year (on the liquidation preference of $50 a share). The dividends are payable in cash and/or shares of common stock, which is subject to specific restrictions. The Series B preferred stock dividends are payable quarterly on March 1, June 1, September 1, and December 1 of each year to and including the mandatory conversion date, commencing March 1, 2011.