TEN Ltd. Declares Dividend on its 8.00% Series B and 8.875% Series C Cumulative Redeemable Perpetual Preferred Shares
TEN Ltd., a leading crude, product, and LNG tanker operator, today announced that its Board of Directors declared the regular quarterly cash dividend of $0.50 per share for its 8.00% Series B Cumulative Redeemable Perpetual Preferred Shares and approximately $0.5547 per share for its 8.875% Series C Cumulative Redeemable Perpetual Preferred Shares.
Each dividend is for the period from the most recent dividend payment date on October 30, 2016 through January 29, 2017.
The dividend on the Series B Preferred Shares will be paid on January 30, 2017 to all holders of record of Series B Preferred Shares as of January 27, 2017. The dividend on the Series C Preferred Shares will be paid on January 30, 2017 to all holders of record of Series C Preferred Shares as of January 25, 2017. Dividends on the Series B and C Preferred Shares are payable quarterly in arrears on the 30th day (unless the 30th falls on a weekend or public holiday, in which case the payment date is moved to the next business day) of January, April, July and October of each year, when, as and if declared by TEN’s board of directors. This is the 15th dividend on the Series B and the 13th dividend on the Series C since their commencement of trading on the New York Stock Exchange.
TEN has 2,000,000 Series B Preferred Shares and 2,000,000 Series C Preferred Shares outstanding as of the date of this press release.