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Triarc Declares Regular Quarterly Cash Dividends
ATLANTA--(BUSINESS WIRE)--Triarc Companies, Inc. (NYSE: TRY; TRY.B), the parent company of the Arby's restaurant system, announced the declaration of its next regular quarterly cash dividend of $0.08 per share on its Class A Common Stock and $0.09 per share on its Class B Common Stock, Series 1. The record date for the regular quarterly cash dividends is June 2, 2008 and the payment date is June 16, 2008.
The Certificate of Designation for the Class B Common Stock provides that the Class B Common Stock was entitled, through September 4, 2006, to receive regular quarterly cash dividends that are at least 110% of any regular quarterly cash dividends that are paid on the Class A Common Stock. Triarc's Board of Directors previously determined that the Company would continue to pay regular quarterly cash dividends at that higher rate on the Class B Common Stock until December 30, 2007. Triarc's Board has now determined that the Company will continue to pay regular quarterly cash dividends at that higher rate on the Class B Common Stock in the current fiscal quarter.
The Certificate of Designation for the Class B Common Stock also provides that the Class B Common Stock is entitled to 1/10 vote per share. In addition, the Class B Common Stock is entitled to a $0.01 per share preference in the event of any liquidation or winding-up of Triarc and, after each share of Class A Common Stock receives $0.01 per share, will share ratably with the Class A Common Stock in the remaining assets of Triarc. Neither the Class B Common Stock nor Triarc's currently outstanding Class A Common Stock are convertible into the other class of common stock.
As of April 30, 2008, Triarc had 28,911,246 shares of Class A Common Stock outstanding and 63,894,962 shares of Class B Common Stock, Series 1, outstanding.
Triarc is a holding company and, through its subsidiaries, is the franchisor of the Arby's restaurant system which is comprised of approximately 3,700 restaurants, of which, as of March 30, 2008, 1,156 were owned and operated by our subsidiaries.
NOTES TO PRESS RELEASE
1. There can be no assurance that any additional regular quarterly dividends will be declared or paid, or of the amount or timing of such dividends, if any.
2. Each share of Class B Common Stock, Series 1, is entitled to at least 100% of any regular quarterly cash dividend paid on each share of Class A Common Stock. Our Board of Directors has not yet made any determination of the relative amounts of any regular quarterly cash dividends that will be paid on the Class A Common Stock and Class B Common Stock, Series 1, after the current fiscal quarter.
