General Motors (NYSE: GM) today announced that its Board of Directors has approved a quarterly dividend of $0.59375 per share on its Series B mandatory convertible junior preferred stock.
The dividend is payable Sept. 4, 2012 to Series B holders of record as of Aug. 15, 2012. The dividend is cumulative. The total amount of the dividend is approximately $59.4 million.
The stock is down because of the company’s losses in Europe, its huge global pension liability and overall uncertainty about the economy, he told shareholders in Detroit on Tuesday. GM is working to fix all the problems it can control, CEO Dan Akerson said.
GM last paid a dividend in July 2008. It was cut as the company headed into bankruptcy protection.
Akerson ranked Europe at the top of GM’s problems, telling shareholders that the company is making progress there.