GM declares quarterly dividend on preferred shares

AP News
Posted: Mar 17, 2011 3:17 PM

General Motors Co. says it will pay out $59.4 million in quarterly dividends on its Series B mandatory convertible junior preferred stock.

The automaker said Thursday its board of directors approved a dividend of 0.594 cent per share on the preferred stock.

The dividend will be paid June 1 to shareholders of record on May 15.

This is the second dividend declared by GM on its Series B shares this year.

In January, the company declared a dividend of 0.647 cent per share, or a total payout of $64.7 million.