MARYSVILLE, Ohio-The Scotts Miracle-Gro Company (NYSE: SMG) Aug. 11 announced that its Board of Directors has approved a series of shareholder-friendly initiatives.
The Company's Board of Directors has approved the following:
* A special one-time cash dividend of $2 per share on the Company's common shares.
* A new share repurchase authorization, which will expire by the end of fiscal 2019, to repurchase up to $500 million of the Company's common shares. This replaces the existing authorization, which will expire on Sept. 30, 2014.
* A 3 percent increase in the Company's recurring quarterly dividend to $0.45 per share.
"Our recent actions should be viewed as a sign of confidence in the continued success of our business and the positive outlook shared by the Board and leadership team," said Jim Hagedorn, chairman and chief executive officer. "Whether by returning cash to shareholders, achieving a more efficient capital structure or investing in growth opportunities, we remain focused on driving shareholder value."
The fourth quarter dividend of $0.45 per share is payable on Wednesday, Sept. 10, 2014 to shareholders of record as of Wednesday, Aug. 27, 2014.
The special one-time dividend of $2 per share is payable on Wednesday, Sept. 17, 2014 to shareholders of record as of Wednesday, Sept. 3, 2014.