Charles Schwab will pay a special dividend of $1.00 on August 24 to holders as of Friday, July 20. That’s 4.5% of the share price of $22.100. Schwab was expected to pay some of the proceeds from the $2.7bn sales of US Trust as dividend since May. The special dividend represents nearly half the sales amount, with the remaining to be distributed through stock buyback via a dutch auction based offer. The tender offer represents 7 percent of the company’s outstanding shares. Holders will have the opportunity to sell at a price of $19.50 to $22.50.

SCHW quote

This entry was posted on Wednesday, July 11th, 2007 at 12:53 am and is filed under Div Alert. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.