GREY:GLNIF - Post by User
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PRObonoon Mar 14, 2011 10:38am
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GLN--STOCK SPLIT! WOW!
GLN--STOCK SPLIT! WOW!Press release from CNW Group
GLENTEL's BOARD OF DIRECTORS RECOMMENDS 2-1 STOCK SPLIT
Monday, March 14, 2011
BURNABY, B.C., March 14 /CNW/ - GLENTEL Inc. (TSX:GLN) announces that its Board of Directors is recommending that shareholders approve a two-for-one stock split at the company's Annual Meeting of Shareholders to be held on May 4, 2011. In addition to shareholder approval, the stock split is subject to regulatory approval. Upon completion of the stock split, the number of outstanding shares would double from approximately 11 million to approximately 22 million.
"We are pleased GLENTEL's increasing share price and shareholder value continue to reflect our strong current and future earnings generation," said Thomas Skidmore, president and chief executive officer of GLENTEL. "A two-for-one stock split should provide current shareholders and future investors a renewed opportunity to participate in the growth of GLENTEL at a lower price level."
Should the stock split be approved by GLENTEL's shareholders, subject to regulatory approvals the record date is expected to be May 18, 2011. Each shareholder of record would receive one additional common share for each common share then held. Subject to regulatory approvals, and pursuant to rules of the Toronto Stock Exchange, common shares of GLENTEL would commence trading on a divided basis at the opening of business on May 16, 2011, the second trading day preceding the record date.
proBONO