CARMEL, Ind., Nov. 13, 2014 /PRNewswire/ -- CNO Financial
Group, Inc. (NYSE: CNO) today announced that its Board of Directors
has declared a quarterly cash dividend of $0.06 per share on the Company's common
shares. The dividend will be payable December 24, 2014, to shareholders of record at
the close of business on December 10,
2014.
The company also announced that its Board of Directors has
authorized the repurchase of up to an additional $400 million of the company's common stock.
As of September 30, 2014, CNO had
repurchased $301.5 million of
securities in 2014 and had remaining repurchase capacity under the
buyback program of approximately $96
million. The repurchase program is intended to be
implemented through purchases made from time to time in the open
market, through private transactions or by a tender offer, in
accordance with Securities and Exchange Commission
requirements. The amount and timing of the repurchases (if
any) will be based on business and market conditions and other
factors.
The company also announced that its Board of Directors has
adopted an amended and restated Section 382 stockholder rights plan
that extends the rights plan until December
31, 2017. The rights plan was scheduled to expire on
December 6, 2014. The rights
plan is designed to protect stockholder value by preserving the
value of certain tax assets primarily associated with tax net
operating loss carryforwards under Section 382 of the Internal
Revenue Code. The company plans to submit the amended and
extended rights plan to a vote at its next annual meeting in May
2015. A complete copy of the rights plan, including
additional information regarding its terms and conditions, will be
included in a Form 8-K to be filed by CNO with the Securities and
Exchange Commission.
About CNO Financial Group
CNO Financial Group, Inc. (NYSE: CNO) is a holding company.
Our insurance subsidiaries – principally Bankers Life and Casualty
Company, Colonial Penn Life Insurance Company and Washington
National Insurance Company – primarily serve middle-income
pre-retiree and retired Americans by helping them protect against
financial adversity and provide for a more secure retirement.
For more information, visit CNO online at www.CNOinc.com.
SOURCE CNO Financial Group, Inc.