Subsequent Events |
3 Months Ended | ||||
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Sep. 30, 2017 | |||||
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| Subsequent Events |
Dividend Declaration
Effective November 13, 2017, the Board of Directors of the Company declared a quarterly cash dividend of $0.08 per common share to stockholders of record at the close of business on November 24, 2017, which is scheduled to be paid on or about December 13, 2017.
Amendment to Trading Credit Facility
Effective November 13, 2017, the Company entered into an amendment to its Trading Credit Facility (the "Eighth Amendment"). The Eighth Amendment had the effect of, among other things, (a) eliminating the restrictive covenant that limited annual dividend payments to 35% of consolidated net income, and (b) increasing the minimum tangible net worth requirement from $38.9 million to $47.5 million. The new minimum tangible net worth requirement is effective retroactive to September 30, 2017.
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- References No definition available.
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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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