Retail Supplier Temporarily Suspends Quarterly Cash Dividend On Common Stock
April 20, 2023 Email This Story Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • email@example.com
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Via Renewables, Inc. ('Via Renewables' or the 'Company') announced that its Board of Directors has elected to, "temporarily suspend the quarterly cash dividend on its common stock."
"The decision comes as the Company seeks to enhance its financial flexibility and improve its ability to manage market volatility while focusing on strengthening its balance sheet and investing in both organic and inorganic customer growth," Via Renewables said
"We believe that the decision to temporarily suspend the quarterly dividend on the common stock provides near-term benefits to our cash flow management while allowing us to enhance our balance sheet. We remain dedicated to prioritizing our shareholders’ interests and adhering to a company goal of distributing a meaningful portion of available cash through dividends on Class A common stock and Series A Preferred Stock. We will closely monitor market conditions and thoughtfully evaluate the best timing to reinstate dividends on the Class A common stock. We remain confident in the future for Via Renewables, and in our ability to deliver long-term value," said Keith Maxwell, Via Renewables’ Chief Executive Officer.
"Additionally, in accordance with the terms of the 8.75% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock ('Series A Preferred Stock') of the Company, the Board of Directors has declared a quarterly cash dividend in the amount of $0.73989 per share on the Series A Preferred Stock. The dividend will be paid on July 17, 2023 to holders of record of Via Renewables’ Series A Preferred Stock on July 1, 2023. The floating rate period for the Series A Preferred Stock began on April 15, 2022," Via Renewables said