EDINBURG, Va., July 02, 2021 (GLOBE NEWSWIRE) – The board of directors of Shenandoah Telecommunications Company (“Shentel” or the “Company”) (NASDAQ: SHEN) has declared a special dividend of $ 18.75 per share on the issued shares and outstanding common shares of Shentel. The special dividend is payable on August 2, 2021 to shareholders of record at the close of business on July 13, 2021. In accordance with NASDAQ rules, the ex-dividend date will be August 3, 2021, the first business day after the payment date.
The company currently expects approximately $ 19.6 million of the special dividend to be reinvested in common stock of the company through the company’s dividend reinvestment plan. Reinvested dividends are expected to be used to purchase common shares of the Company in market transactions within thirty days of the dividend payment date.
The total payout to Shentel shareholders, before any reinvestment through the company’s dividend reinvestment plan, will be approximately $ 936.6 million.
“We are delighted to return over $ 936 million in value to our shareholders following the successful sale of our assets and wireless business to T-Mobile,” said Christopher E. French, President and CEO of the society. “As we close our chapter as a provider of mobile wireless services, we are excited about the growth prospects of our broadband-centric business and the opportunity to create shareholder value by providing Internet services. the fastest in our markets thanks to our unique integrated fiber optic cable. and fixed broadband wireless networks.
About Shenandoah Telecommunications
Shenandoah Telecommunications Company (Shentel) provides broadband services through its state-of-the-art high-speed, fixed-line wired, fiber-optic and wireless networks to customers in the central United States. The Company’s services include: High Speed Internet, Video and Voice; fiber optic Ethernet, wavelength and leasing; and the rental of colocation towers. The Company has more than 6,800 miles of fiber road and 223 macrocell towers. For more information, please visit www.shentel.com.
This press release contains forward-looking statements with respect to, among other things, Shentel’s business strategy, prospects and financial condition. These statements can be identified by the use of forward-looking terms such as “believes”, “believes”, “expects”, “intends”, “could”, “want”, “should”, ” could ”or“ could ”or“ foresee ”” or the negative or other variation of these words or similar words, or by discussions of strategy or risks and uncertainties. Forward-looking statements are based on the current beliefs, assumptions and expectations of management and may include comments on Shentel’s beliefs and expectations regarding future events and trends affecting its business which are necessarily subject to uncertainties, many of which are are outside of Shentel’s control. Although management believes that the expectations reflected in forward-looking statements are reasonable, forward-looking statements are not, and should not be taken as, a guarantee of future performance or results, nor will they necessarily prove to be accurate indications. of when such performance or results will be achieved, and actual results may differ materially from those contained or implied by forward-looking statements due to various factors. A discussion of other factors that could cause actual results to differ from management’s projections, forecasts, estimates and expectations is available in the documents filed by Shentel with the Securities and Exchange Commission. These factors may include natural disasters, pandemics and epidemics of contagious diseases and other developments unfavorable to public health, such as COVID-19, changes in general economic conditions, cost increases, changes in regulations. and other competitive factors. The included forward-looking statements are made only as of the date of the statement. Shentel assumes no obligation to revise or update these statements to reflect current events or circumstances after the date hereof, or to reflect the occurrence of unforeseen events, except as required by law.
Shenandoah Telecommunications Company
Jim Volk Senior Vice President – Chief Financial Officer 540-984-5168 Jim.Volk@emp.shentel.com
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