Mouse to reduce costs, simplify shareholder accounting
The board of directors of the Walt Disney Co. Tuesday declared a quarterly cash dividend of 5.25¢ per share and announced that beginning in 1999, all shareholder dividends will be paid on an annual rather than a quarterly basis.
Annual dividends will be paid in November each year as approved by the board of directors.
The new arrangement will reduce costs and vastly simplify payments to a shareholder base that includes a great number of investors with 10 shares or fewer of Disney stock.
Currently, the payments to a large number of the Disney shareholders who receive dividend checks directly from the company are for amounts smaller than the cost of processing and the postage required to mail them.
Disney has more than 2 billion common shares outstanding and 1.7 million shareholder accounts.
Tuesday’s dividend is payable Nov. 20 to shareholders of record at the close of business Oct. 9.
In other Disney doings, Andrea Van de Kamp, chairwoman of Sotheby’s West Coast, has been elected to the board of directors of the Walt Disney Co., it was announced Tuesday by Michael Eisner, chairman and chief executive officer.
Van de Kamp oversees business development on the West Coast for Sotheby’s. She also is a member of the board of directors of Sotheby’s North America.
She serves on the boards of directors of City National Bank, Jenny Craig Intl. and the Gerald B. Cantor Foundation.