Montpelier Declares Second Quarter Dividends
Bermuda-based Montpelier Re Holdings Ltd. has declared a quarterly dividend of $0.20 per common share and a quarterly dividend of $0.554688 per 8.875% Non-Cumulative Preferred Share, Series A.].
The Common Share dividend will be payable on June 30, 2015, to each common shareholder of record on June 16, 2015, and the Preferred Share dividend will be payable on June 29, 2015, to each preferred shareholder of record on June 15, 2015.
The Board on May 28, 2015 also delivered to the preferred shareholders a notice of redemption calling for redemption on June 29, 2015 all 6,000,000 issued and outstanding Preferred Shares as provided for in the certificate of designation governing the Preferred Shares.
The Preferred Shares will be redeemed at a redemption price of $26.00 per Preferred Share, representing an aggregate amount of $156.0 million, plus all declared and unpaid dividends, if any, to the date of the redemption. The Redemption Price will not accrue interest from the Redemption Date. On and after the Redemption Date the Preferred Shares will no longer be deemed outstanding and no further dividends will be declared on the Preferred Shares.
All of the Preferred Shares are held by Cede & Co. as nominee of The Depositary Trust Company [DTC] and are held in book-entry form through DTC. Accordingly, the redemption of the Preferred Shares, including payment of the Redemption Price, will be completed according to DTC’s procedures.
