Citicorp increases dividend by 50%, extends stock buyback, calls preferred issues.NEW YORK--(BUSINESS WIRE)--Jan. 16, 1996--Citicorp's Board of Directors today raised the quarterly dividend on common stock to 45 cents a share. The company's dividend had been 30 cents a share since January January: see month. 1995. The new annual dividend rate of $1.80 is 50% higher than the previous rate of $1.20 and exceeds the 1990 peak rate of $1.78. The dividend is payable February February: see month. 20, 1996 to stockholders of record on January 31, 1996. The directors also authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: the management to expand the $3 billion program to purchase the company's common stock in the market by an additional $1.5 billion through the end of 1997. At that time, the program, which was begun last June, could result in total purchases of $4.5 billion, including $1.5 billion used in 1995 to buy 23.1 million shares. In another action, the company said it has called for redemption two convertible preferred stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". issues, Series 12 and Series 13. The two issues are expected to convert into 59 million common shares during the first quarter. Both conversions have been reflected in Citicorp's fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share calculations. With the conversions of these two series, which were privately placed in 1991, and the conversion in 1995 of the Series 15 PERCS PERCS Provincial Emergency Radio Communications Service PERCS Productive, Easy-To-Use, Reliable Computing Systems PERCS Preference Equity Redemption Cumulative Stock PERCS Problem Evaluation and Reporting Control System PERCS Programmable Easy-to-Use Reliable Computing System , which were issued in 1992, Citicorp will no longer have any convertible securities outstanding. CONTACT: Press contact: John M. Morris, (212) 559-4285 or Investor contact: Frederick A. Roesch, (212) 559-2715 |
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