AMERCO Announces Dividend Policy on its Non-Voting Common Stock

RENO, Nev., Oct. 25, 2022 /PRNewswire/ — AMERCO (Nasdaq: UHAL), the dad or mum of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company, immediately introduced that the Board of Directors has adopted a dividend coverage for the Company’s newly-created Series N Non-Voting Common Stock.

Subsequent to the actions taken yesterday by the Independent Special Committee of the Board, together with the creation of a brand new sequence of Non-Voting Common Stock, the Board of Directors convened and adopted the next dividend coverage for the brand new sequence of inventory.

Dividend Policy

“Series N Non-Voting Common Stock: Unless the Board of Directors in its sole discretion determines otherwise, it shall be the policy of the Company to declare and pay a quarterly cash dividend on each share of the Company’s Series N Non-Voting Common Stock, in the amount of $0.04 per share, commencing with the third quarter of fiscal year 2023. A special quarterly dividend declared for voting stock shall only create additional dividend rights in the non-voting stock to the extent it exceeds the quarterly dividend described in this dividend policy.”

The coverage could also be reviewed, modified or terminated every now and then by the Board of Directors.

Actions Taken by the Independent Special Committee

Yesterday, the Independent Special Committee effectuated numerous actions together with the creation of the brand new sequence of Series N Non-Voting Common Stock, the issuance of shares via a inventory dividend on a 9-for-1 foundation to all current holders of the Company’s Voting Common Stock and a company identify change to U-Haul Holding Company by the top of calendar 12 months 2022.

Application to the Nasdaq Global Select Market has been made to record the brand new Non-Voting Common Stock underneath the ticker imageNasdaq: UHALB.  Shares of the Company’s Voting Common Stock will proceed to commerce underneath the ticker imageNasdaq: UHAL.

The shares of Non-Voting Common Stock shall be distributed after the shut of buying and selling on, or about, November 9, 2022, to stockholders of report of Voting Common Stock on the shut of business on November 3, 2022. The Company anticipates buying and selling of the 176,470,092 shares of Non-Voting Common Stock to start on November 10, 2022.

About AMERCO

AMERCO is the dad or mum firm of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company. U-Haul is within the shared use business and was based on the basic philosophy that the division of use and specialization of possession is sweet for each U-Haul prospects and the atmosphere.

AMERCO will change its identify to U-Haul Holding Company by the top of calendar 12 months 2022.

About U-Haul

Founded in 1945, U-Haul is the No. 1 alternative of do-it-yourself movers, with a community of greater than 23,000 areas throughout all 50 states and 10 Canadian provinces. U-Haul Truck Share 24/7 presents safe entry to U-Haul vans each hour of every single day via the shopper dispatch choice on their smartphones and our proprietary Live Verify know-how. Our prospects’ patronage has enabled the U-Haul fleet to develop to roughly 186,000 vans, 128,000 trailers and 46,000 towing gadgets. U-Haul is the third largest self-storage operator in North America and presents 895,000 rentable storage items and 76.6 million sq. toes of self-storage area at owned and managed amenities. U-Haul is the biggest retailer of propane within the U.S., and continues to be the biggest installer of everlasting trailer hitches within the automotive aftermarket trade. U-Haul has been acknowledged repeatedly as a number one “Best for Vets” employer and was lately named one of many 15 Healthiest Workplaces in America.

SOURCE AMERCO