stated that PSFT shareholders would receive one share of MMTM for each 50 PSFT shares owned as of 1/15/98.
I think PSFT said in its news release the cut-off date is 12/31/1998. Looks like my broker has some explanation to do, again!
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FOR IMMEDIATE RELEASE Contact: PSFT - 81 Alfred J. Castino Chief Financial Officer PeopleSoft, Inc. (925) 694-2856 al_castino@peoplesoft.com
PEOPLESOFT, INC. ANNOUNCES RECORD DATE FOR SPECIAL DISTRIBUTION OF SHARES OF MOMENTUM BUSINESS APPLICATIONS, INC.
Pleasanton, CA- December 30, 1998 –PeopleSoft, Inc. today announced that December
31, 1998 will be the record date for the special distribution of shares of Momentum
Business Applications, Inc. (“Momentum”) Class A Common Stock to the holders of
PeopleSoft Common Stock. Holders of record on December 31, 1998 will receive one
Momentum share of Class A Common Stock for every 50 shares of PeopleSoft common
stock owned. Certificates representing the Momentum shares will be mailed to
PeopleSoft stockholders on or about January 15, 1999.
Momentum, a newly established enterprise in the software industry, was recently formed
by PeopleSoft to accelerate research and development in the critical areas of e-business,
analytic applications and industry-specific software products. It is expected that the
Momentum shares will be traded under the symbol “MMTM” on the Nasdaq National
Market.
By December 31, 1998, PeopleSoft will have contributed $250 million to Momentum.
PeopleSoft will account for the fair market value of the shares distributed as a dividend
and will expense the remainder. PeopleSoft and Momentum have entered into a
development agreement pursuant to which PeopleSoft and possibly other third parties
will undertake research and development activities on behalf of Momentum. PeopleSoft
holds an option to acquire exclusive licensing rights with respect to individual products
developed by Momentum. PeopleSoft also holds an option to purchase all of the
outstanding Momentum Class A Common Shares at a price to be set by a predetermined
formula. |
