RADNOR, Pa., May 23, 2013 /PRNewswire/ -- Lincoln Financial Group announced today that the board of directors of Lincoln National Corporation (NYSE:LNC) declared a quarterly cash dividend of $0.12 per share on the corporation's common shares. The dividend on the common stock will be payable August 1, 2013, to shareholders of record at the close of business on July 10, 2013.
The board of directors has also called for the redemption of all of its outstanding $3.00 Cumulative Convertible Preferred Stock, Series A ("Series A Preferred Stock"). The redemption date is July 2, 2013 ("Redemption Date"). The Series A Preferred Stock will be redeemed at a price of $80 per security, plus any accrued and unpaid dividends for the period up to but excluding the Redemption Date ("Aggregate Redemption Price"). There are currently approximately 9,532 shares of Series A Preferred Stock issued and outstanding. From and after the Redemption Date, the only remaining rights will be to receive payment of the Aggregate Redemption Price.
In lieu of redemption, shareholders of the Series A Preferred Stock shall have until the close of business on June 27, 2013 to convert each share of Series A Preferred Stock into 16 shares of the Company's common stock. Issuance of the shares of the Company's common stock for the Series A Preferred Stock surrendered for conversion will be made as soon as practicable after valid presentation and surrender to the redemption agent of certificates representing Series A Preferred Shares, together with a written request to convert the shares to Computershare Shareowner Services, 250 Royall Street, Canton, MA 02021, Attn: Corporate Actions. The shares of common stock issued by conversion will be eligible for the dividend declared by the Board of Directors on May 22, 2013 described above.
Questions relating to the redemption should be direct to the redemption agent: Computershare Shareowner Services at (855) 396-2084.