PLYMOUTH, Minn., April 21 /PRNewswire-FirstCall/ -- The Board of Directors of The Mosaic Company has declared a cash dividend of $0.9375 per share on the Company's 7.50% mandatory convertible preferred stock for the period April 3, 2006 through June 30, 2006. The dividend is payable on July 3, 2006 to mandatory convertible preferred stockholders of record at the close of business on June 15, 2006. This mandatory cash dividend represents the final dividend payable to the Company's preferred stockholders prior to the mandatory conversion of the preferred stock.
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The convertible preferred stock will automatically convert into shares of Mosaic's common stock on July 1, 2006. There are 2,750,000 shares of convertible preferred stock outstanding. In addition, 5,458,955 shares of Class B Common Stock will also convert into shares of common stock on July 1, 2006. No dividends are paid on the Class B Common Stock. The mandatory conversion rate for both the mandatory convertible preferred stock and the Class B Common Stock ranges from 6.444 to 7.8616 shares of common stock for each share owned by investors. The final conversion rate will be based on a formula tied to the closing price per share for Mosaic's common stock on each of the 20 consecutive trading days ending on the third trading day immediately preceding the mandatory conversion date.
The mandatory conversion of the preferred stock and the Class B Common Stock will not affect the Company's fully diluted reported earnings per share.
About The Mosaic Company
The Mosaic Company is one of the world's leading producers and marketers of concentrated phosphate and potash crop nutrients. For the global agriculture industry, Mosaic is a single source for phosphates, potash, nitrogen fertilizers and feed ingredients. More information on the company is available at http://www.mosaicco.com/ .
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