Bowater declares quarterly dividends and extends common share repurchase program.GREENVILLE, S.C.--(BUSINESS WIRE)--Jan. 22, 1997-- The Board of Directors of Bowater Incorporated (NYSE-BOW) today declared a quarterly cash dividend of $0.20 per common share payable April 1, 1997, to holders of record at the close of business, March 10, 1997. The Board also declared a quarterly cash dividend on the company's LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. , Series A, at a rate of 4.78125% per annum Per annum Yearly. , equal to $0.60 per share, payable April 15, 1997, to holders of record at the close of business March 10, 1997. A quarterly cash dividend of $0.525 per depositary share was declared on the company's Series C Cumulative Preferred Stock Cumulative preferred stock Preferred stock whose dividends accrue, should the issuer not make timely dividend payments. Related: Non-cumulative preferred stock. , payable April 15, 1997, to holders of record at the close of business March 10, 1997. Each depositary share represents a one-fourth interest in a share of 8.40% Series C Cumulative Preferred Stock. The Board also authorized an extension of the Company's previously announced common stock repurchase program to June 30, 1997. Bowater Incorporated is the largest producer of newsprint in the U.S. and also makes coated and uncoated groundwood papers, bleached kraft pulp and lumber products. It has five paper mills and 3.6 million acres of timberlands in the U.S. and Canada. Bowater Incorporated common stock is listed on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. , U.S. regional exchanges, the London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. and the Swiss Stock Exchanges. CONTACT: Bowater Incorporated, Greenville Media Contact: Robert D. Leahy (864) 282-9571 (Office) (864) 234-0941 (Home) or Analyst Contact: James H. Dorton (864) 282-9500 (Office) (864) 228-2805 (Home) |
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