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Hospitality Industry News |
Sunday November 23rd, 2008 |
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Jack in the Box Inc. Announces 2-For-1 Stock Split |
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Subject to Stockholder Approval of Increase in Authorized Common Stock |
Jack in the Box Inc. (NYSE: JBX) announced that its board of directors has approved a 2-for-1 split of the company's common stock, to be effected in the form of a special 100 percent stock dividend. The split is subject to stockholder approval of a charter amendment to increase the company's authorized common stock. The proposed increase in authorized common stock would provide sufficient authorized and unissued shares of common stock to ensure consummation of the split and satisfy the company's obligations under its benefit plans and to accommodate other corporate purposes.
Jack in the Box Inc. also today announced that it will hold a special meeting of stockholders, tentatively scheduled for Sept. 21, 2007, to vote on such increase in the number of authorized shares of common stock. The record date for the special meeting will be Aug. 14, 2007.
'The company's strong performance over the past few years has contributed to a significant increase in the price of Jack in the Box(R) common stock and delivered great returns to our stockholders,' said Linda A. Lang, chairman and chief executive officer. 'We remain optimistic in the company's continued growth potential and view the stock split as an opportunity to price the stock in a more attractive range for investors. And by increasing the number of shares available to trade, we believe the stock split can also increase the liquidity of the company's common stock.'
Subject to receiving stockholder approval for an increase in authorized common stock, the record date for the stock split will be Oct. 2, 2007, with the distribution date expected to be on or about Oct. 15, 2007. If stockholders approve the increase in the number of authorized shares, stockholders of record on the record date will receive on the distribution date one additional share of the company's common stock for each share owned. As proposed, the stock split would increase the number of outstanding shares of common stock from approximately 31.4 million to approximately 63 million shares.
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| Last: |
14.06 |
| Time: |
11/21/2008
4:01pm |
| Change: |
+1.79 |
| Opened: |
12.57 |
| Day: |
14.17 - 11.82 |
| Volume: | 1401289
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