John, here's the scoop from AOL's latest 10-Q:
"Common stock, $.01 par value, 600,000,000 shares authorized, 227,603,548 and 219,641,140 shares issued and outstanding at September 30, 1998 and June 30, 1998, respectively"
Thus, the split would have converted that to 455,207,096 shares o/s. The latest info I have is that there are about 518MM shares o/s. Since the merger will require the issuance of 46.8MM shares bringing the total to 564.8MM shares (which is less than the 600MM authorized) there is no problem. BTW, treasury shares never count as shares o/s.
TTFN,
CTC |
