Re GLW-- I think this release means they are about split their stock.
newsalert.com
February 18, 2000 14:50
Corning Seeks To More Than Double Authorized Common Shares (GLW)
(NewsTraders.com)-- Corning Inc. (GLW) revealed today that is asking shareholders to allow it to more than double the number of common shares it is authorized to issue, potentially bringing the number of such shares to 1.2 billion from 500 million.
The fiber optics maker said the extra stock could be used in connection with financing growth, stock splits, stock dividends, employee benefit and dividend reinvestment plans and possible future acquisitions.
Although Corning did not spell out specific uses for the additional shares, such a move typically sparks speculation of a stock split, as well as stock-based acquisitions.
As of Feb. 2, Corning had roughly 275.8 million common shares outstanding, 4.7 million shares reserved for stock-based incentive programs and 2.6 million set aside for the conversion of outstanding debentures of Oak Industries, a recently acquired subsidiary, according to today's preliminary proxy.
Shareholders will get a chance to vote on the proposal, among others, at the company's annual meeting, slated for April 27 in Corning, N.Y.
In recent market activity shares of Corning were up $1.31 to $192.38.
Copyright 2000 NewsTraders Inc. All Rights Reserved 14:54 Friday, February 18, 2000 |
