EDINBURGH, Virginia, July 02. 11, 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 issued and outstanding shares. circulation of ordinary 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 thrilled to return more than $936 million in value to our shareholders following the successful sale of our wireless assets and business to T-Mobile,” said company chairman and chief executive officer Christopher E. English. “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 on our markets thanks to our unique and integrated fiber optic cable. and fixed broadband wireless networks.
About Shenandoah Telecommunications
Shenandoah Telecommunications Company (Shenandoah Telecommunications Company (Shentel) provides broadband services through its state-of-the-art high-speed wired, fiber optic and fixed wireless networks to customers in the Mid-Atlantic United States The Company’s services include: high-speed Internet, video and voice; fiber optic Ethernet, wavelength and rental; and tower colocation rental. The Company owns more than 6,800 miles of fiber route and 223 macro cell towers.For more information, please visit www.shentel.com.
This press release contains forward-looking statements about Shentel relating to, among other things, its business strategy, prospects and financial condition. These statements can be identified by the use of forward-looking words such as “believes”, “believes”, “expects”, “intends”, “may”, “will”, “should”, ” could” or “anticipates”. ” 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 management’s current beliefs, assumptions and expectations and may include comments about Shentel’s beliefs and expectations regarding future events and trends affecting its business which are necessarily subject to uncertainties, many of which are beyond Shentel’s control. Although management believes that the expectations reflected in the forward-looking statements are reasonable, the forward-looking statements are not, and should not be relied upon as, guarantees of future performance or results, and they will not necessarily prove to be accurate indications. the times at which such performance or results will be achieved, and actual results may differ materially from those contained or implied by the forward-looking statements due to a variety of factors. A discussion of other factors that could cause actual results to differ from management’s projections, forecasts, estimates and expectations is available in Shentel’s filings with the Securities and Exchange Commission. These factors may include natural disasters, pandemics and outbreaks of contagious diseases and other adverse public health developments, such as COVID-19, changes in general economic conditions, cost increases, modifications regulatory and other competitive factors. The forward-looking statements included are made only as of the date of the statement. Shentel undertakes 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
Senior Vice President – Chief Financial Officer