Oil and gas producer SandRidge Energy (NYSE:SD) announced yesterday a semiannual dividend of $4.25 per share on its 8.5% convertible perpetual preferred stock, of which there are 2.65 million shares outstanding.
The board of directors said the quarterly dividend is payable on Aug. 15 to the holders of record at the close of business on Aug. 1.
The 8.5% convertible perpetual preferred stock was issued in January 2009 with a liquidation preference of $100. They are convertible at the holder's option at any time into approximately 12.4805 shares of SandRidge's common stock. After Feb. 20 of next year, the oil and gas producer may cause all outstanding shares of the preferred stock to convert automatically into common stock at the then-prevailing conversion rate if certain conditions are met.
The oil and gas producer does not pay a dividend on its common stock.
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