VSE Announces 'Five-for-Four Stock Split'
ALEXANDRIA, Va., Dec. 10 /PRNewswire/ -- By action of its Board of Directors, VSE Corporation has approved a "five-for-four stock split" payable to stockholders of record as of December 31, 1997.
The stock split is payable in the form of one share of common stock for every four shares of common stock held of record as of the close of business on December 31, 1997. The stock dividend will be distributed on or about January 7, 1998. Fractional shares will not be issued pursuant to the five- for-four stock split, but in lieu thereof cash will be paid based on the closing price of VSE stock as of the close of trading on December 31, 1997, as adjusted for the stock split.
Currently, VSE has 1,732,334 shares of stock outstanding. After the five- for-four stock split, VSE is expected to have approximately 2,165,000 shares of stock outstanding.
VSE said that it approved the stock split to increase the number of shares held by non-affiliates of the company to comply with recently amended continued listing requirements of the Nasdaq National Market. After the stock split, VSE expects to have more than 800,000 shares outstanding in its non- affiliate "public float." |
