BOCA RATON, Fla.--(BUSINESS WIRE)--The GEO Group, Inc. (NYSE: GEO) ("GEO") today announced that it has set a record date of December 12, 2012 for the potential payment of a special $340-360 million dividend on or before December 31, 2012, subject to the approval of its Board of Directors (the "GEO Board"). GEO expects the GEO Board to make a decision as to whether to approve the special dividend on or before December 7, 2012. The potential special dividend would be paid in connection with the consideration by GEO's Board of whether GEO should elect to convert into a real estate investment trust ("REIT").
According to applicable NYSE and SEC rules, the publishing of this record date, subject to GEO Board approval, is necessary at this time to preserve the potential payment of the special dividend prior to year-end 2012. If and when the special dividend is approved, each shareholder would be able to elect to receive payment of the special dividend either in cash or in shares of common stock, except that GEO will limit the aggregate amount of cash payable to shareholders (other than cash payable in lieu of fractional shares) to 20% of the total value of the special dividend. GEO would announce further details of the special dividend if and when GEO Board approval is received. There can be no assurance that GEO's Board will approve the payment of the special dividend or that GEO's Board will approve GEO's conversion into a REIT.
About The GEO Group, Inc.
The GEO Group, Inc. is the world’s leading diversified provider of correctional, detention, and residential treatment services to federal, state, and local government agencies around the globe. GEO offers a turnkey approach that includes design, construction, financing, and operations. GEO represents government clients in the United States, Australia, South Africa, and the United Kingdom. GEO’s worldwide operations include 20,000 employees, 108 correctional, detention and residential treatment facilities, including projects under development, and 75,000 owned and/or managed beds.
This press release contains forward-looking statements regarding future events and future performance of GEO that involve risks and uncertainties that could materially affect actual results, including statements regarding the potential payment of a special dividend before year-end 2012. Factors that could cause actual results to vary from current expectations and forward-looking statements contained in this press release include, but are not limited to: (1) whether or not GEO’s Board approves a conversion by GEO into a REIT; (2) whether or not GEO's Board approves the special dividend; and (3) other factors contained in GEO’s Securities and Exchange Commission filings, including the Form 10-K, 10-Q and 8-K reports.