Stock Split???
November 10, 1999 13:34
Jabil Circuit Seeks To Boost Authorized Cmn Shares To 250M (JBL)
(NewsTraders.com)-- Jabil Circuit Inc. (JBL) plans to seek support from shareholders at the upcoming
annual meeting to more than double the number of common shares it is authorized to issue to 250
million from 120 million.
In preliminary proxy materials, filed yesterday after market close, Jabil said the principal purposes of the
increase is to provide additional shares for use with potential stock splits, offerings and acquisitions and
to provide equity incentives to employees.
While the electronics manufacturing services firm said it currently has no specific plans for the additional
shares, such a move typically sparks speculation of a stock split, as well as stock-based acquisitions.
Shareholders of record as of Nov. 16 will be entitled to vote on this matter, and others, at the company's
annual meeting, currently scheduled for Jan. 13.
As of June 30, Jabil had 82.1 million common shares outstanding, according to a recent quarterly filing.
Shares of Jabil, after receiving an upwardly revised price target from Merrill Lynch this morning, were
recently trading higher by $2.38 at $65.
Copyright 1999 NewsTraders Inc. All Rights Reserved 13:49 Wednesday, November 10, 1999 |
