Shenandoah Telecommunications Company Declares $18.75 per Share Special Dividend
July 02 2021 - 6:45AM
The Board of Directors of Shenandoah Telecommunications Company
(“Shentel” or the “Company”) (NASDAQ: SHEN) declared a special
dividend of $18.75 per share on the issued and outstanding shares
of Shentel’s common stock. The special dividend is payable on
August 2, 2021 to shareholders of record as of the close of
business on July 13, 2021. In accordance with NASDAQ rules, the
ex-dividend date will be August 3, 2021, the first business day
after the payment date.
The Company currently expects approximately $19.6 million of the
special dividend to be reinvested in shares of the Company’s common
stock via the Company’s Dividend Reinvestment Plan. The reinvested
dividends are expected to be used to purchase shares of the
Company’s common stock in market transactions during the thirty
days following the dividend payment date.
The total payout to Shentel shareholders, before any
reinvestments via the Company’s Dividend Reinvestment Plan, will be
approximately $936.6 million.
“We are pleased to return over $936 million in value to our
shareholders after the successful sale of our Wireless assets and
operations to T-Mobile,” said the Company’s President and Chief
Executive Officer Christopher E. French. “As we close our chapter
as a provider of mobile wireless services, we are excited about the
growth prospects of our broadband centric company and the
opportunity to create shareholder value by providing the fastest
internet services in our markets through our unique, integrated
cable, fiber and fixed wireless broadband networks.”
About Shenandoah Telecommunications
Shenandoah Telecommunications Company (Shentel) provides
broadband services through its high speed, state-of-the-art cable,
fiber optic and fixed wireless networks to customers in the
Mid-Atlantic United States. The Company’s services include:
broadband internet, video, and voice; fiber optic Ethernet,
wavelength and leasing; and tower colocation leasing. The Company
owns over 6,800 route miles of fiber and 223 macro cellular towers.
For more information, please visit www.shentel.com.
This release contains forward-looking statements about Shentel
regarding, among other things, its business strategy, its prospects
and its financial position. These statements can be identified by
the use of forward-looking terminology such as “believes,”
“estimates,” “expects,” “intends,” “may,” “will,” “should,”
“could,” or “anticipates” or the negative or other variation of
these or similar words, or by discussions of strategy or risks and
uncertainties. The forward-looking statements are based upon
management’s beliefs, assumptions and current expectations and may
include comments as to Shentel’s beliefs and expectations as to
future events and trends affecting its business that are
necessarily subject to uncertainties, many of which are outside
Shentel’s control. Although management believes that the
expectations reflected in the forward-looking statements are
reasonable, forward-looking statements are not, and should not be
relied upon as, a guarantee of future performance or results, nor
will they necessarily prove to be accurate indications of the times
at which such performance or results will be achieved, and actual
results may differ materially from those contained in or implied by
the forward-looking statements as a result of various factors. A
discussion of other factors that may cause actual results to differ
from management’s projections, forecasts, estimates and
expectations is available in Shentel’s filings with the Securities
and Exchange Commission. Those factors may include natural
disasters, pandemics and outbreaks of contagious diseases and other
adverse public health developments, such as COVID-19, changes in
general economic conditions, increases in costs, changes in
regulation and other competitive factors. The forward-looking
statements included are made only as of the date of the statement.
Shentel undertakes no obligation to revise or update such
statements to reflect current events or circumstances after the
date hereof, or to reflect the occurrence of unanticipated events,
except as required by law.
CONTACTS:
Shenandoah Telecommunications Company
Jim VolkSenior Vice President - Chief Financial
Officer540-984-5168Jim.Volk@emp.shentel.com
Shenandoah Telecommunica... (NASDAQ:SHEN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Shenandoah Telecommunica... (NASDAQ:SHEN)
Historical Stock Chart
From Jul 2023 to Jul 2024