11
shares of Rosemoor Farms, Inc., a 1,000 acre farm located near
Jamestown, Ohio, that OVS-Del. bought in August 1974. On
September 27, 1979, Paul Brown transferred one share of OVS-Del.
stock to each of his sons Mike and Peter. As a result, on
October 23, 1980, the stock of OVS-Del. was held as follows:
Name Shares %
Paul Brown 118 20.1
Mike Brown 1 0.17
Peter Brown 1 0.17
David G. Gamble 1 0.17
Austin Knowlton 249 42.5
Louis Nippert 1 0.17
John Sawyer 213 36.5
James R. Williams 1 0.17
William J. Williams 1 0.17
Total 586 100.00 (100.12%)
7. The Bengals' Dividend Payment History
The Bengals paid no dividends from 1968 to 1976 because Paul
Brown believed that it was essential to increase the Bengals'
reserves. Beginning in 1976, OVS-Del. or the Bengals paid
dividends as follows:
Total Amount of
Year Dividends Per Share Dividends Paid
1976 $10 $9,900
1977 300 297,000
1978 360 320,330
1979 0 0
1980 500 348,000
1981 20 11,720
1982 10 5,860
Total 1,200 992,810
From 1977 to 1980, OVS-Del. used $8,162,860 of its corporate
reserves to fund the stock repurchases described above (see par.
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Last modified: May 25, 2011