Authorizes conversions of up to 11 million shares of Class B common stock
PURCHASE, N.Y., Feb. 3 /PRNewswire-FirstCall/ -- MasterCard Incorporated
(NYSE: MA) today announced that its Board of Directors has declared a
quarterly cash dividend to holders of shares of its Class A common stock and
Class B common stock. The cash dividend of 15 cents per share will be paid on
May 8, 2009 to holders of record of its Class A common stock and Class B
common stock as of April 13, 2009.
(Logo: http://www.newscom.com/cgi-bin/prnh/20061031/MCLOGO )
Additionally, the company announced that its annual meeting of
stockholders will take place at its corporate headquarters on June 9, 2009.
MasterCard's Board of Directors also authorized conversions during 2009 of
up to 11 million shares of Class B common stock on a one-for-one basis into
shares of Class A common stock for subsequent sale or transfer to public
investors, and authorized the company to conduct one or more conversion
programs in 2009 to facilitate such conversions.
The company currently expects the first 2009 conversion program to occur
in the second quarter of 2009. Class B shareholders will be allowed to make
conversion elections during a program window expected to be open from mid-May
through mid-June, subject to program details. The number of shares that each
shareholder is allowed to convert would be based upon a formula yet to be
determined and which the company expects to announce sometime between
mid-March to mid-April.
Participation in the conversion program is optional for Class B
shareholders and the company may consider offering a second program later in
2009 if elections are less than the 11 million shares authorized. Details of
the 2009 Class B conversion program, which the company currently anticipates
would be modeled on its 2008 program, are expected to be communicated to Class
B shareholders in late April.
Statements in this press release which are not historical facts, including
statements about MasterCard's plans, strategies, beliefs and expectations, are
forward-looking and subject to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking statements speak
only as of the date they are made. Accordingly, except for the company's
ongoing obligations under the U.S. federal securities laws, the company does
not intend to update or otherwise revise the forward-looking information to
reflect actual results of operations, changes in financial condition, changes
in estimates, expectations or assumptions, changes in general economic or
industry conditions or other circumstances arising and/or existing since the
preparation of this press release or to reflect the occurrence of any
unanticipated events. Such forward-looking statements include, without
-- the occurrence of, expected timing of, number of shares to be included
in, specific formula for and other details with respect to any 2009
Class B common stock conversion program.
Actual results may differ materially from such forward-looking statements
for a number of reasons, including those set forth in the company's filings
with the Securities and Exchange Commission (SEC), including the company's
Annual Report on Form 10-K for the year ended December 31, 2007, the Company's
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K that have been
filed with the SEC during 2008 and 2009.
About MasterCard Incorporated
MasterCard Incorporated advances global commerce by providing a critical
economic link among financial institutions, businesses, cardholders and
merchants worldwide. As a franchisor, processor and advisor, MasterCard
develops and markets payment solutions, processes over 18 billion transactions
each year, and provides industry-leading analysis and consulting services to
financial-institution customers and merchants. Through its family of brands,
including MasterCard(R), Maestro(R) and Cirrus(R), MasterCard serves consumers
and businesses in more than 210 countries and territories. For more
information go to www.mastercardworldwide.com.
SOURCE MasterCard Incorporated
CONTACT: Media Relations: Chris Monteiro, +1-914-249-5826,
or Investor Relations: Barbara Gasper,
both of MasterCard