SAN FRANCISCO--(BUSINESS WIRE)--Fantex, Inc. announced its Board of Directors has declared a dividend of $0.50 per share for its Fantex Series Vernon Davis Convertible Tracking Stock (OTC: VNDSL). The dividend is payable on April 28, 2015, to all Fantex Vernon Davis stockholders of record as of the close of business on April 24, 2015. This will represent the third dividend for Fantex Vernon Davis, with payment coming on the one-year anniversary of the stock’s debut on Fantex.com.
“The contract between Fantex, Inc. and Vernon Davis created the basis for a first-of-its-kind security tied to the earnings of a professional athlete,” said Fantex, Inc. co-founder and CEO Buck French. “We’re thrilled that in the first year after the IPO of Fantex Vernon Davis, the cash generated from this contract will have returned to stockholders an aggregate amount equal to 15% of the initial offering price of $10 per share.”
Further diversifying the nature of cash flows acquired under its brand contract with Mr. Davis, Fantex, Inc. also announced it has co-invested in three Jamba Juice franchises alongside the 49ers Pro-Bowl tight end. Under its brand contract with Mr. Davis, Fantex, Inc. has a right to co-invest in certain opportunities presented to Mr. Davis at a percentage equivalent to the brand income Fantex, Inc. has acquired. Results from the Jamba Juice investment will be attributed to the Fantex Vernon Davis Tracking Stock.
“Vernon Davis’ life and brand have always been about transformation,” added French. “By getting investors closer to both the earnings and investment opportunities of a professional athlete, today’s announcements again demonstrate why Fantex, Inc. securities are unique.”
In 2014, Fantex, Inc. paid dividends totaling $1.00 per share to stockholders of Fantex Vernon Davis. Fantex, Inc.’s tracking stocks track and reflect the cash flows of a professional athlete’s brand. Following the payment of the divided announced today, Fantex, Inc. will have paid dividends totaling $1.50 per share to Fantex Vernon Davis stockholders since the completion of the security’s initial public offering in April 2014.
Based in San Francisco, Fantex Holdings, Inc. serves as the parent company to both Fantex, Inc. and Fantex Brokerage Services, LLC. Fantex, Inc. is a brand building company that purchases a minority interest in an athlete’s brand and works to increase the value of that brand. In order to fund the purchase, Fantex, Inc. develops a tracking stock that is linked to the economic performance of the brand. Fantex Brokerage Services, LLC is the exclusive trading platform for tracking stocks that are issued by Fantex, Inc.