For the Investors: This message is posted today on www.sbc.com news internet site.
SBC Announces Two-For-One Stock Split,Dividend Increase
San Antonio, Texas, January 30, 1998
SBC Communications Inc. (NYSE: SBC) today announced that its
Board of Directors approved a two-for-one split of its common shares
and a dividend increase of 4.5 percent. SBC has raised its dividend every year since its stock began trading in 1983.
Shareowners will receive one additional common share for every share
owned as of Feb. 20, 1998, marking SBC's third stock split in 11 years.
The split will be effected in the form of a one-time stock dividend. The shares will be issued March 19, 1998.
The dividend increase will apply to shareowners of record as of April 10,1998, the normal record date for this dividend, and will be paid May 1,1998. Both moves represent continued confidence in SBC's strong
market positions, as well as its ability to turn growth opportunities into long-term shareowner value.
"SBC has built strong momentum in our core businesses and from our
successful merger with Pacific Telesis," said Edward E. Whitacre Jr.,
SBC chairman and chief executive officer. "As we move forward, we're
encouraged by our solid track record, our strong market positions and
management team, and that's reflected in our ability to deliver value to our shareowners through these efforts."
As a result of the stock split, the exchange ratio for the recently
announced merger with Southern New England Telecommunications
Corp. will double from 0.8784 to 1.7568 shares of SBC common stock
for each share of SNET common stock.
SBC's quarterly dividends will increase from $0.4475 to $0.4675 for
each pre-split share, or $1.87 on an annual basis. Adjusted for the stock split, the new quarterly dividend will be $0.23375 per share, or $0.935 annually.
In other board action today, Toni Rembe, Esq., was named to the SBC
Board of Directors. Rembe, a partner with the San Francisco law firm
Pillsbury, Madison & Sutro, had served as an Advisory Director on the
board since April 1997. |
