Shenandoah Telecommunications Company (SHEN) is trading at $60.10 in pre-market trading, up 5.79% from the last check. Last session, SHEN closed at $56.61, an increase of 15.49% or $7.62. SHEN stock fluctuated throughout the day between $52.24 and $57.65. Shares exchanged reached 1.7 million, surpassing Shenandoah’s average daily volume of 0.21 million and exceeding its volume year-to-date of 0.2 million.
The SHEN stock has advanced 12.88% over the past year, and in the last week, it has risen 13.51%. Price of SHEN stock for the past six months has increased by 31.35%, and for the last three months, it has increased by 13.42%. The SHEN stock price has risen after the company announced a special dividend for assets sold off.
SHEN has sold what?
Shenandoah offers broadband services to customers in the Mid-Atlantic United States via its high-speed, fiber-optic, and fixed wireless networks. Services provided by SHEN include voice, video, broadband internet, wavelengths, fiber optics, and leasing. Tower colocation services are also available at SHEN. There are over 6,800 fiber route miles and 223 macro cellular towers in the SHEN network.
The Board of Directors of Shentel, has declared a special dividend of $18.75 per share for SHEN’s outstanding and issued shares.
- The special dividend will be paid on August 2, 2021, to SHEN shareholders of record as of July 13, 2021.
- Being the first business day following the payment date, August 3, 2021, will be the ex-dividend date in accordance with the NASDAQ rules.
- In accordance with its dividend reinvestment plan, SHEN currently anticipates investing approximately $19.6 million of the special dividend.
- Stock transactions involving SHEN common stock are expected to be conducted within 30 days after dividend payment.
- Dividends reinvested will be used to purchase stock in market transactions.
- After reinvestments through SHEN’s Dividend Reinvestment Plan, the total dividend payout to SHEN shareholders will be approximately $936 million.
- Last week, Shenandoah announced the sale of its Wireless assets to T-Mobile USA.
- In settling Sprint Corporation, an indirect subsidiary of T-Mobile, SHEN received approximately $60 million; certain transaction expenses were deducted. The total cash proceeds were $1.94 billion.
- SHEN repaid all outstanding debt and terminated the facility and interest rate swap contracts, as required by its 2018 credit facility. $684 million of the proceeds was used to pay off all outstanding debt.
SHEN moving forward:
Now that Shenandoah (SHEN) has closed its chapter as a wireless services provider, it focuses on becoming a broadband service provider. With its unique, integrated fiber, cable, and fixed wireless broadband networks, SHEN will be able to provide the fastest internet services in the market.
