2 FOR 1--Heelllloooo!
Cox Communications Announces 2-for-1 Stock Split
Business Wire - March 18, 1999 17:15
ATLANTA--(BUSINESS WIRE)--March 18, 1999--Cox Communications, Inc. (NYSE:COX), announced today that its Board of Directors has approved a two-for-one stock split which could be effected promptly following the Company's May 13, 1999 Annual Meeting of Stockholders. Each share of Cox Communications Class A Common Stock, Class C Common Stock and Series A Convertible Preferred Stock held on the effective date would become two shares in the same class. The additional shares would be distributed by book-entry. Shareholders would be entitled to receive physical stock certificates upon request.
"We have made significant strides in implementing our strategy to be a full-service provider of video, voice and data services, and our achievements are being recognized in our stock price. This move is designed to broaden our ownership base and improve trading liquidity," said Jimmy W. Hayes, Senior Vice President, Finance and Administration, and Chief Financial Officer. "We have confidence in our continued ability to execute our broadband strategy."
The stock split for each class of Cox stock requires a separate approval by holders of that class of proposed amendments to the Company's Articles of Incorporation to increase the amount of the Company's authorized shares for each class and to approve the split. These votes will be held at the annual shareholders meeting on May 13, 1999. Cox Enterprises, Inc., which controls 71.9% of the outstanding Class A Common Stock and 100% of the Class C Common Class has sufficient voting control to approve the amendments for the Class A Common Stock and the Class C Common Stock. It is anticipated that the holders of the Series A Convertible Preferred Stock will also approve the split of their shares.
As of March 12, 1999, Cox had outstanding approximately 263.7 million shares of Class A Common Stock, 13.8 million shares of Class C Common Stock, and 2.4 million shares of Series A Convertible Preferred Stock. Upon completion of the split, the number of outstanding shares of each class would double.
Cox Communications, Inc. (NYSE:COX) is among the nation's largest broadband communications companies, serving 3.8 million customers. As a full service provider of telecommunications products, Cox offers an array of services, including cable television under the Cox Cable brand; local and long distance telephone services under the Cox Digital Telephone brand; high speed Internet access via Cox@Home; advanced digital video programming services under the Cox Digital TV brand; and commercial voice and data services via Cox Business Services. Cox is an equity owner of Sprint PCS, the nation's first national wireless personal communications service (PCS); and also is an investor in numerous programming networks, including Discovery Channel. More information about Cox Communications can be accessed on the Internet at www.cox.com.
CONTACT: Cox Communications, Inc. |
