Vector Group Declares Quarterly Cash Dividend of $0.40 Per Share
November 05 2019 - 4:18PM
Business Wire
Vector Group Announces Reduction in Future
Quarterly Cash Dividends
Vector Group Ltd. (NYSE: VGR) today announced that its Board of
Directors has declared a regular quarterly cash dividend on its
common stock of $0.40 per share. The quarterly cash dividend will
be payable on December 30, 2019 to holders of record as of December
17, 2019.
Vector Group also announced that its Board of Directors has
decided to reduce the Company’s quarterly cash dividend to $0.20
per share, effective the first quarter of 2020, and that the
Company will no longer pay an annual stock dividend. The amount of
the quarterly cash dividend and the payment of any annual stock
dividend are subject to the Board’s regular evaluation of the
Company’s dividend policy and capital allocation strategy. A
quarterly cash dividend remains an important component of the
Company’s capital allocation strategy.
The Company’s Board of Directors regularly evaluates the
Company’s dividend policy as well as the Company’s capital
allocation strategy. As part of this evaluation, the Company’s
Board has determined that reducing the quarterly cash dividend and
discontinuing the annual stock dividend is in the best interest of
the Company and its stockholders. The reduced dividend will
strengthen the Company’s balance sheet and help it maintain its
liquidity, while it meets its obligations and continues to invest
in its businesses to drive long-term stockholder returns.
Vector Group is a holding company for Liggett Group LLC, Vector
Tobacco Inc., New Valley LLC, and Douglas Elliman Realty, LLC.
Additional information concerning the company is available on the
Company's website, www.VectorGroupLtd.com.
This announcement contains “forward-looking statements” within
the meaning of the federal securities laws. Forward-looking
statements include information relating to our intent, belief or
current expectations, including with respect to dividends. These
forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially
from those contained in any forward-looking statement, including
the risk factors described in the Company’s annual report on Form
10-K for the year ended December 31, 2018, as filed with the
Securities and Exchange Commission (“SEC”), and on Form 10-Q for
the quarterly period ended June 30, 2019, as filed with the SEC.
Although we believe the expectations reflected in these
forward-looking statements are based on reasonable assumptions,
there is a risk that these expectations will not be attained and
that any deviations will be material. The forward-looking
statements speak only as of the date they are made.
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Emily Claffey/Benjamin Spicehandler/Columbia Clancy Sard
Verbinnen & Co 212-687-8080
Vector (NYSE:VGR)
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