To: Vendit™ who wrote (30719 ) 9/14/1999 8:51:00 PM From: DOUG H Respond to of 41369
Vendit, What's a few billion between friends? AOL looks to more than triple authorized shares SEC filing: Wants permission for total of 6 billion shares By William L.Watts, CBS MarketWatch Last Update: 4:57 PM ET Sep 14, 1999 Net Economy DULLES, Va. (CBS.MW) -- America Online is seeking permission from shareholders to more than triple the number of shares it's authorized to issue, in order to facilitate stock dividends, splits and other measures, according to preliminary proxy papers filed with the Securities and Exchange Commission. AOL (AOL: news, msgs) had 1.112 billion shares outstanding as of Aug. 31, leaving it room to issue a further 688 million shares under its current authorization of 1.8 billion, the filing said. The AOL board is asking shareholders to increase its authorization to 6 billion shares. Today on CBS MarketWatch Dow sinks following retail report Oracle meets Street targets AOL to triple shares Disney shares withstand Hurricane Floyd Silicon Valley eyes the U.K. More top stories... CBS MarketWatch Columns Updated: 9/14/99 4:34:26 PM ET According to the proxy, the board believes it would be prudent to have the additional shares available for a host of general corporate purposes, including payment of stock dividends, stock splits or other recapitalizations, acquisitions, equity financings, and stock option grants. The proxy said the board hasn't decided to effect a stock split, but wants to maintain the ability to do so. AOL has announced six stock splits since October 1994. Of the 688 million currently authorized but unissued shares, the company has reserved approximately 20 million to be used for the possible conversion of outstanding convertible subordinated debt, 225 million for the company's option plans, and 10 million for AOL's employee stock purchase plan. Shareholders of record as of Aug. 31 will be eligible to vote on the share authorization measure, as well as other proposals, at AOL's annual meeting Oct. 28 in Chantilly??????>>>>>>>>>******%%%%%#####)@@@@@ NOW IF WE COULD GET EM TO TRIPLE THE VALUE!!!!