Does the following help? July 13 looks significant:
SANTA CLARA, Calif. (Dow Jones)--Intel Corp.'s (INTC) board said June 10, 1997, will be the record date for the company's two-for-one stock split, with the payment date set for July 13, 1997.
As reported, Intel in January announced plans for a two-for-one stock split.
In a press release Wednesday, the board said the distribution is subject to the condition that stockholders approve an increase in total authorized common shares from the current limit of 1.4 billion shares to 4.5 billion.
Intel's stockholders will vote on the increase at the company's annual meeting on May 21.
The company's 1998 step-up warrants also would be adjusted to reflect the stock split, with step-up warrant holders set to receive one additional warrant for each warrant they currently hold. The exercise price of the warrants would be adjusted to reflect the stock split.
Following the adjustment, each outstanding 1998 step-up warrant would entitle the holder to buy one share of Intel common stock at one-half of the per-share prices specified in the May 5, 1995 notice to warrant holders. The warrant distribution would take place at the same time as the stock distribution and is similarly subject to the condition that the stockholders approve the increase in authorized shares at the company's annual meeting.
The warrants expire on March 14, 1998. Since this date falls on a Saturday, the warrants must be exercised prior to the close of business on Friday March 13, 1998, the company said.
Stockholders and warrantholders of record on June 10, 1997, will be entitled to one additional share or warrant for each share or warrant held on that date. The payment date, or the date on which new shares and new warrants will be mailed from the company's transfer agent, Harris Trust and Savings Bank, will be July 13, 1997. |
