Cumulative Dividend Approved For General Motors Series B Preferred Stock

Less than a year after emerging and re-listing its common stock, General Motors’ Board of Directors approved a second-quarterly dividend of $0.594 per share on its Series B mandatory convertible junior preferred stock.

GM also declared a dividend on its Series B shares in January of this year. Note this is not the company’s common stock, which still does not pay a dividend. The dividend declared today is payable June 1, 2011 to Series B holders of record as of May 15, 2011. The dividend is cumulative. The total amount of the dividend is approximately $59.4 million.

Ford, which paid a dividend on its common stock for many years, suspended the dividend in 2006, and has not yet given a specific date of when it might be reinstated, although Ford CFO Lewis Booth has hinted it could come sometime in 2012.

After going through bankruptcy in 2009, the new company was re-listed on the New York Stock Exchange on November 18, 2010, retaining its original pre-bankruptcy stock symbol GM.

Source: General Motors

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