This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Saratoga Investment Corp. Announces Form Of Previously Declared Dividend And Results Of Dividend Elections

NEW YORK, Dec. 27, 2013 /PRNewswire/ -- Saratoga Investment Corp. (NYSE: SAR), a business development company (the "Company"), announced today the form in which the dividend declared by the Company's Board of Directors on October 29, 2013, will be paid and the results of its shareholders' elections relating to the dividend. The dividend of $2.65 per share was payable on December 27, 2013, to shareholders of record as of November 13, 2013.  Shareholders had until December 13, 2013, to elect whether to receive the dividend in cash (up to an aggregate maximum cash amount of approximately $2.5 million or approximately 20% of the total dividend paid) or in shares of common stock. Due to the original terms of the dividend, shareholders who elected to receive cash will receive a combination of cash and common stock. 

The dividend will consist of approximately $2.5 million in cash and 649,500 shares of common stock, or approximately 13.7% of the Company's outstanding shares prior to the dividend. The amount of cash elected to be received was greater than the cash limit of 20% of the aggregate dividend amount, therefore resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $15.4391 per share, which equaled the average of the volume weighted average trading price per share of the Company's common stock on December 11, 13 and 16, 2013.

Shareholders who elected to receive the dividend solely in shares of common stock and shareholders who did not make an election will receive approximately 0.1716 shares of common stock for each share of common stock they owned on the record date of November 13, 2013. Holders of approximately 69.1% of the Company's common stock elected to receive only stock or did not make an election.

Shareholders electing to receive the dividend in all cash will receive cash in the amount of $1.72 per share, or approximately 64.8% of the $2.65 dividend, and .0605 shares of common stock, or approximately 35.2% of the total dividend for each share of common stock they owned on the record date of November 13, 2013. Cash in lieu of fractional shares will be issued, if applicable.

Shareholders who hold their shares through a bank, broker or nominee and have questions regarding the dividend should contact their bank, broker or nominee directly.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs