QAD Inc. (NASDAQ: QADA) (NASDAQ: QADB), a leading provider of enterprise software solutions for global manufacturers, today announced that its Board of Directors has declared a quarterly dividend of $0.072 per share of Class A common stock and $0.06 per share of Class B common stock payable on February 8, 2013 to shareholders of record at the close of business on December 26, 2012.
The Board of Directors also approved shortening the elapsed time between declaration and payment of this dividend and future dividends, if any. This action is consistent with the Board’s acceleration of the payable date for the previous regular quarterly dividend from January 7, 2013 to December 28, 2012.
QAD will pay its quarterly dividend in either cash or shares of the company’s Class A common stock, at the election of each shareholder. Shareholders will have until January 15, 2013 to make a cash distribution election, otherwise they will automatically receive the dividend in stock. Those shareholders choosing the dividend payable in stock will receive shares proportionate to the total cash amount based on the average closing price of QAD’s Class A common stock for the three trading days immediately following the election deadline. The company will make a cash payment in lieu of issuing fractional shares to shareholders choosing the dividend payable in stock.
Shareholders should consult with a tax advisor prior to making a distribution election.Additional information regarding the distribution election will be mailed to shareholders of record as soon as practicable after December 26, 2012. A properly completed distribution election form must be received by the company’s transfer agent prior to 5:00 PM EST on January 15, 2013. For shares held through a bank, broker or nominee, questions should be directed to such bank, broker or nominee. Registered shareholders with questions regarding the dividend should contact American Stock Transfer & Trust Company at (212) 936-5100.