RENO,
Nev., Oct. 25, 2022 /PRNewswire/ -- AMERCO
(Nasdaq: UHAL), the parent of U-Haul International, Inc., Oxford
Life Insurance Company, Repwest Insurance Company and Amerco Real
Estate Company, today announced that the Board of Directors has
adopted a dividend policy for the Company's newly-created Series N
Non-Voting Common Stock.
Subsequent to the actions taken yesterday by the Independent
Special Committee of the Board, including the creation of a new
series of Non-Voting Common Stock, the Board of Directors convened
and adopted the following dividend policy for the new series of
stock.
Dividend Policy
"Series N Non-Voting Common Stock: Unless the Board of Directors
in its sole discretion determines otherwise, it shall be the policy
of the Company to declare and pay a quarterly cash dividend on each
share of the Company's Series N Non-Voting Common Stock, in the
amount of $0.04 per share, commencing
with the third quarter of fiscal year 2023. A special quarterly
dividend declared for voting stock shall only create additional
dividend rights in the non-voting stock to the extent it exceeds
the quarterly dividend described in this dividend policy."
The policy may be reviewed, modified or terminated from time to
time by the Board of Directors.
Actions Taken by the Independent Special Committee
Yesterday, the Independent Special Committee effectuated various
actions including the creation of the new series of Series N
Non-Voting Common Stock, the issuance of shares through a stock
dividend on a 9-for-1 basis to all existing holders of the
Company's Voting Common Stock and a corporate name change to U-Haul
Holding Company by the end of calendar year 2022.
Application to the Nasdaq Global Select Market has been made to
list the new Non-Voting Common Stock under the ticker symbol
Nasdaq: UHALB. Shares of the Company's Voting Common Stock
will continue to trade under the ticker symbol Nasdaq: UHAL.
The shares of Non-Voting Common Stock will be distributed after
the close of trading on, or about, November
9, 2022, to stockholders of record of Voting Common Stock at
the close of business on November 3,
2022. The Company anticipates trading of the 176,470,092
shares of Non-Voting Common Stock to begin on November 10, 2022.
About AMERCO
AMERCO is the parent company of U-Haul International, Inc.,
Oxford Life Insurance Company, Repwest Insurance Company and
Amerco Real Estate Company. U-Haul is in the shared use business
and was founded on the fundamental philosophy that the division of
use and specialization of ownership is good for both U-Haul
customers and the environment.
AMERCO will change its name to U-Haul Holding Company by
the end of calendar year 2022.
About U-Haul
Founded in 1945, U-Haul is the No. 1 choice of do-it-yourself
movers, with a network of more than 23,000 locations across
all 50 states and 10 Canadian provinces. U-Haul Truck Share 24/7
offers secure access to U-Haul trucks every hour of every day
through the customer dispatch option on their smartphones and our
proprietary Live Verify technology. Our customers' patronage has
enabled the U-Haul fleet to grow to approximately 186,000 trucks,
128,000 trailers and 46,000 towing devices. U-Haul is the third
largest self-storage operator in North
America and offers 895,000 rentable storage units and 76.6
million square feet of self-storage space at owned and managed
facilities. U-Haul is the largest retailer of propane in the U.S.,
and continues to be the largest installer of permanent trailer
hitches in the automotive aftermarket industry. U-Haul has been
recognized repeatedly as a leading "Best for Vets" employer and was
recently named one of the 15 Healthiest Workplaces in America.
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SOURCE AMERCO