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FOR RELEASE: May 2, 2000 CONTACT(S): Catherine Dunsby GM BOARD DECLARES QUARTERLY DIVIDEND Also, GM to Effect Redemption of Series-D
7.92% Depositary Shares & Series-D TOPrS Today
DETROIT - The General Motors Board of Directors (NYSE: GM) today declared a quarterly dividend of $0.50 per share on GM $1-2/3 par value common stock. The dividend is payable June 10, 2000 to holders of record as of May 12, 2000. The dividend rate is unchanged from the previous quarter. The GM board also today declared the following quarterly dividends: $0.57 per GM Series G depositary share and $8.7793 per share for the Series H automatically convertible preference stock. They are payable on Aug. 1, 2000 to holders of record on July 3, 2000. Separately, General Motors announced that effective at the close of business today the redemption of the depositary shares, each of which represents a one-fourth interest in a Series-D 7.92% Preference Share, and the Series-D 8.67% Trust Originated Preferred Securities (TOPrs) will be completed under the terms originally described in GM's press release dated March 7, 2000. The securities together have a total face value of approximately $150 million. As of the close of business today, the Series-D depositary shares and Series-D TOPrS will no longer be outstanding, dividends or distributions will no longer accrue, and the only right the holder will retain will be the right to receive the redemption price, without interest thereon, once the securities have been properly surrendered. Notice of the redemptions was previously provided to investors by publication and by mail. Securityholders with questions about the redemptions of the Series-D depositary shares or Series-D TOPrS may call GM's information agent for the redemptions, Georgeson Shareholder Communications Inc., at 1-800-223-2064. |
