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Technology Stocks : All About Sun Microsystems
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To: cheryl williamson who wrote (20550)10/1/1999 8:49:00 PM
From: QwikSand  Read Replies (1) of 64865
 
So now they're authorizing almost twice as many shares as they need to cover the split. Does anyone else find this a little disturbing? The "other corporate purposes", i.e., acquisitions, could be dilutive.

--QS



WASHINGTON, Oct 1 (Reuters) - Sun Microsystems Inc.
(NASDAQ:SUNW) said Friday it is seeking to double its authorized common stock to 3.6 billion shares as part of the company's plan to offer a two-for one stock spltt, a Securities and Exchange Commission (SEC) filing said.

The company asked its shareholders to increase the number of shares from 1.8 billion to the 3.6 billion shares at the company's annual meeting Nov. 10, according to its proxy.

If the approved by the shareholderes, the stock split
recommended by Sun Microsystems' board last month would be paid Dec. 9, the filing showed.

The company has 780.5 million shares outstanding, and about 225 million reserved for issuance under the company's stock plan, the proxy said.

Sun Microsystems said that the increased authorized shares would give the company "flexibility to issue common stock for other proper corporate purposes which may be identified.

Sun Microsystems shares closed down 1 to 92 on Nasdaq.

Copyright 1999, Reuters News Service
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