, /PRNewswire/ -- Ashford Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the "Company") announced today that its Board of Directors (the "Board") declared a dividend of $0.5281 per diluted share for the Company's 8.45% Series D Cumulative Preferred Stock for the fourth quarter ending December 31, 2025. The dividend is payable on January 15, 2026, to stockholders of record as of December 31, 2025. The Board declared a dividend of $0.4609 per diluted share for the Company's 7.375% Series F Cumulative ...

Summary of the Conference Call on Tongguan Copper Foil Industry Overview - The copper foil industry is experiencing significant price increases for H, V, L, and P series products, indicating strong demand and a potential prolonged boom cycle compared to electronic fabrics [2][3] - The domestic production rate of A and B copper foils is very low, similar to the laser drilling in PCB equipment, suggesting substantial room for domestic substitution as overseas capacity expansion is limited [2][3] Company Positioning - Tongguan Company is positioned similarly to Zhongtai but lacks historical proof of its capabilities. Despite not participating in the last lithium battery cycle, it has a comparable market share and customer binding with Taiwanese partners [2][4] - The company has shown consistent quarterly performance improvement, with Q1 earnings at 5 million and Q2 at 30 million, primarily driven by AI product contributions [5] Expansion Strategy - Tongguan's expansion strategy is conservative, retaining 35,000 tons of PCB capacity, which provides a first-mover advantage in the current cycle. The major shareholder, Tongling Nonferrous Metals, holds 72-73% of the shares, ensuring a stable overall expansion strategy [6] Technical Challenges - The main technical challenge for HVO P copper foil is reducing surface roughness (R value) while maintaining adhesion performance. The R value has decreased from 12 in the first generation to 0.5 in the fourth generation, driven by AI demand [7] - HOP synchronization faces difficulties in mechanical equipment debugging and backend coupling agent formulation adjustments, requiring a balance between reducing force values and ensuring bonding strength [8] Market Demand and Pricing Trends - From Q4 2025 to H1 2026, the copper foil market is expected to see significant demand changes, with a shortage anticipated due to the transition from second to fourth generation products, leading to a 15-20% drop in yield rates [10][11] - The price and processing fees for copper foil are expected to double, with single-ton profits potentially reaching three times that of second-generation copper foil [10] Supply Chain Dynamics - Currently, six main suppliers for H, V, O, P series copper foil include companies from Japan, Taiwan, and mainland China, with domestic competitors producing at much lower volumes [9] - Mitsui holds a dominant market position with over 95% market share, and its lead times have extended from two months to two and a half months, indicating product scarcity [12] Domestic Substitution Feasibility - The trend towards domestic substitution is clear, driven by the difficulty of penetration by Japanese manufacturers. Domestic enterprises are expected to promote substitution, especially among second and third-tier PCB companies [14][17] Future Outlook - The overall sentiment regarding Tongguan's future performance is positive, with expectations of continued revenue growth and market share expansion, particularly in the context of rising prices and product shortages [15][16]

Group 1 - Fairfax Financial Holdings Limited has declared quarterly dividends per share on its preferred shares, with specific amounts and payment dates outlined for Series G, H, I, J, and K [1] - The dividend amounts for Series G, H, I, J, and K are C$0.185125, C$0.32792, C$0.207938, C$0.34620, and C$0.315313 respectively, with payment dates on September 29 and 30, 2025 [1] - Applicable Canadian withholding tax will be applied to dividends payable to non-residents of Canada [1] Group 2 - Fairfax has determined the quarterly dividend rate for its floating rate preferred shares for the period from September 30, 2025, to December 30, 2025, with Series J having a rate of 1.38907% and an annualized rate of 5.51099% [2] - The dividend per share for Series J is set at C$0.34727 for the specified period [2] - Fairfax operates primarily in property and casualty insurance and reinsurance, along with associated investment management through its subsidiaries [2] Group 3 - Fairfax intends to redeem all outstanding Cumulative 5-Year Rate Reset Preferred Shares, Series G, and all outstanding Cumulative Floating Rate Preferred Shares, Series H, on September 30, 2025 [3]

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Dividend Announcements - Fairfax Financial Holdings Limited has declared quarterly dividends per share on its preferred shares, with specific amounts and payment dates outlined for Series G, H, I, J, and K [1] - The dividends for Series G, H, I, J, and K are C$0.185125, C$0.33645, C$0.207938, C$0.35452, and C$0.315313 respectively, with payment dates on June 30, 2025, and June 27, 2025 [1] Floating Rate Preferred Shares - The company has determined the quarterly dividend rates for the period from June 30, 2025, to September 29, 2025, for its floating rate preferred shares [2] - Series H has a rate of 1.31169% (annualized 5.20399%) with a dividend of C$0.32792, while Series J has a rate of 1.38479% (annualized 5.49399%) with a dividend of C$0.34620 [2] Company Overview - Fairfax is primarily engaged in property and casualty insurance and reinsurance, along with associated investment management through its subsidiaries [2]