SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: December 2, 1999
(Date of earliest event reported)
UNIVERSAL CORPORATION
(Exact Name of Registrant as Specified in its Charter)
Virginia 1-652 54-0414210
(State or Other Jurisdiction (Commission File Number) (IRS Employer
of Incorporation) Identification No.)
1501 North Hamilton Street
Richmond, Virginia 23230
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code:
(804) 359-9311
<PAGE>
Item 5. Other Events.
The press release issued by the Registrant on December 2, 1999
attached hereto as Exhibit 99 is incorporated herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits.
No. Description
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99 Press release announcing dividend increase and additional
share repurchase.*
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*Filed Herewith
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
UNIVERSAL CORPORATION
(Registrant)
Date: December 2, 1999 By: /s/ James M. White, III
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James M. White, III
Vice President, General Counsel & Secretary
<PAGE>
Exhibit Index
Exhibit
Number Document
- ------ --------
99 Press release announcing dividend increase and
additional share repurchase.
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*Filed Herewith
Contact: Release:
KAREN M. L. WHELAN IMMEDIATELY
(804)359-9311
UNIVERSAL CORPORATION ANNOUNCES DIVIDEND INCREASE AND ADDITIONAL
SHARE REPURCHASE
RICHMOND, VA DECEMBER 2, 1999/PRNEWSWIRE/----
Henry H. Harrell, Chairman and Chief Executive Officer of Universal Corporation
announced that the company's Board of Directors has approved the additional
repurchase of up to $100 million of Universal common stock. This authorization,
when added to two prior programs, brings the total level of authorization to
$300 million since April 1998. Approximately 4.9 million shares have been
purchased so far under these programs for about $153.6 million. The authorized
purchases may be made from time to time on the open market or in privately
negotiated transactions at prices not exceeding prevailing market rates.
Universal currently has approximately 30.6 million common shares outstanding.
In addition, the Board of Directors declared a regular quarterly
dividend of thirty-one cents ($.31) per share on the common shares of the
Company, payable February 14, 2000, to common shareholders of record at the
close of business on January 10, 2000. This represents an increase of over 3.3%
or $.01 per share per quarter and indicates an annualized rate of $1.24 per
share. Universal has raised its common dividend every year since 1971, a record
of 29 consecutive increases.
Mr. Harrell explained that improving shareholder value is a continuing
objective of the company and that these steps are among a number of actions that
the company has taken in response to strong earnings and free cash flow. Other
actions have included managing debt structure and expanding the company's
businesses.
Universal Corporation is a diversified company with operations in
tobacco, lumber, and agri-products. Its gross revenues for the fiscal year that
ended on June 30, 1999, were approximately $4 billion. For more information,
visit Universal's web site at www.universalcorp.com.
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