GM declares quarterly dividend on preferred shares

DETROIT (AP) -- General Motors Co. says it will pay out $59.4 million in quarterly dividends on its Series B mandatory convertible junior preferred stock. The automaker said last Thursday its board of directors approved a dividend of 0.594 cent per share on the preferred stock. The dividend will be paid June 1 to shareholders of record on May 15. This is the second dividend declared by GM on its Series B shares this year. In January, the company declared a dividend of 0.647 cent per share, or a total payout of $64.7 million. Published: Mon, Mar 21, 2011