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Technology Stocks : Verity (VRTY)
VRTY 2.4000.0%Dec 22 3:00 PM EDT
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To: Sarkie who wrote (989)8/8/2000 4:11:03 PM
From: Sarkie  Read Replies (1) of 1011
 
Verity Seeks To Double Authorized Shares To 200 Million (VRTY)

(NewsTraders.com)--Software designer Verity Inc. (VRTY) intends to seek the green light from shareholders to double the number of common shares it is authorized to issue to 200 million, according to a preliminary proxy released late Monday by the SEC.
Verity wants to have the extra shares on hand to provide it with flexibility in its business dealings; the shares could be used for stock dividends, raising capital, incentives for employees, and as currency for acquisitions or strategic relationships, the company said in the documentation.

Although Verity said that it has no specific plans for the additional stock, it also mentioned that such an infusion of stock could help provide the company with a means of defense in the event of a hostile takeover attempt.

Such an increase in authorized shares typically generates speculation of a stock split or stock-based acquisitions.

Verity has about 32.7 million common shares issued and outstanding, plus roughly 16.4 million shares tied up under options plans, leaving about 50.9 million shares available for issuance.

Shareholders of record as of Aug. 1 will vote on the proposal at the company's annual meeting, scheduled to take place on Sept. 26 at the Sunnyvale Sheraton in Sunnyvale, Calif.

Shares of Verity jumped $1.38 to $40.69 in recent market activity.
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