Since our last two-for-one share split in May 1996, our share price has risen from approximately $23 to a record high of $71 this year.
"We are entering a period of significant growth and are optimistic about the outlook for our company and the industry," said Charlie Fischer, Nexen's President and Chief Executive Officer. "This share split is expected to benefit all shareholders by enhancing liquidity, increasing investor interest in Nexen and bringing the trading price into a more accessible range for potential shareholders."
Shareholder approval will be sought at our annual general and special meeting of shareholders scheduled for April 27, 2005 in Calgary, Alberta. Subject to receipt of all approvals, we expect to mail on May 17, 2005 (Mailing Date) the additional share certificates resulting from the share split to shareholders of record as of the close of business on May 12, 2005 (Record Date). Following the share split, we will have approximately 260 million common shares outstanding.
Under Toronto Stock Exchange rules, our common shares will commence trading on a divided basis at the opening of business on May 10, 2005, the second trading day preceding the Record Date. Under New York Stock Exchange rules, our common shares will begin trading on a divided basis on May 18, 2005, one business day following the Mailing Date.
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