Argo Group Announces 10% Stock Dividend
Bermuda-based Argo Group International Holdings, Ltd., has declared a 10% stock dividend. The stock dividend is payable on March 16, 2015, to shareholders of record at the close of business on March 2, 2015. Shareholders will receive cash in lieu of fractional shares.
In addition, the Board of Directors declared a quarterly cash dividend of $0.20 per share on the company’s common stock, compared to $0.18 per share in the previous quarter. The cash dividend will be paid on March 19, 2015, on a post-stock dividend basis, to shareholders of record at the close of business on March 2, 2015.
Including the effect of the stock dividend, the $0.20 per share cash dividend reflects a 22.2% increase to the amount declared in previous quarters.
As a result of the Board’s action, the outstanding shares of the Company’s common stock will increase by approximately 2.6 million shares, from 25.5 million shares outstanding to 28.1 million shares outstanding.
