[Qwest Distributes 2-for-1 Stock Split]
DENVER--(BUSINESS WIRE)--Feb. 24, 1998--Qwest will split its common stock on a 2-for-1 basis effective with trading tomorrow, February 25, 1998, as previously announced.
"The stock split reflects the confidence of the board of directors in the direction and progress of our company in becoming a leader in providing multimedia communications," said Joseph P. Nacchio, president and CEO of Qwest.
The stock split is effected through a one-for-one stock dividend to be distributed by ChaseMellon Shareholder Services, the transfer agent, at the close of business today, February 24, 1998. Anyone who buys the stock up to, and including today, will receive the additional share distribution. Anyone who sells the stock up to, and including today, will not receive the distribution.
Subject to market factors, the opening price on February 25, 1998 will theoretically be one-half the closing price on February 24, 1998. After the split, twice as many shares of Qwest common stock will be outstanding (approximately 206.7 million shares), so that a shareholder will have the same percentage ownership of Qwest.
[boilerplate deleted] |
