GM Declares Dividend on Preferred Stock image

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.

  • Jenny Goren

    The General Motors (NYSE:GM) Pension Buyout plan, announced on June 1, stated that GM plans to cut their pension liability by an expected 26 billion dollars. Select salaried U.S. retirees will be offered a lump-sum, with other retirees being offered a monthly pension payment. Making this decision will involve considering initial eligibility and a full understanding of the two options, including the consequences therein. Consulting a qualified financial advisor is suggested. For more information, including a free white paper, on the General Motors Pension Buyout, please visit The decision deadline will be July 20, 2012.

  • Jenny Goren

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