Cameron Approves 2-for-1 Stock Split
Cameron's Board has approved a 2-for-1 stock split in the form of a stock dividend. The split is subject to stockholder approval that would authorize the issuance of up to 400 million shares of common stock, instead of the previously authorized 150 million shares. The stock split will increase the total of outstanding shares from 111 million to 222 million. Cameron is a provider of flow equipment products, systems and services to worldwide oil, gas and process industries.
Cameron Chairman and CEO Sheldon R. Erikson said, "This marks the third 2-for-1 split of the Company's stock and the second in the last two years, and should be viewed as an indication of the Board's confidence in both Cameron's current performance and its long-term outlook."
Cameron Board will seek approval at a Special Meeting of Stockholders scheduled for December 7, 2007 for stockholders of record on November 1, 2007. The dates are subject to change until the proxy statement is finalized and mailed to stockholders, sometime in November. With stockholder approval, the expected date for the stock split will be in late December with a payment date prior to December 31, 2007.
In addition, Cameron’s Directors have approved a replacement stockholder rights plan for the existing plan that expires on October 31, 2007. The replacement plan has substantially the same terms as the previous one, with only adjustments for the two stock splits that occurred since its adoption. The replacement plan is designed to ensure stockholders receive fair and equal treatment in the event of a proposed company takeover. Issuance is planned for October 31, 2007 to stockholders of record on that date, and will expire on October 31, 2017.
In connection with the proposed amendment to the Company’s Certificate of Incorporation, a proxy statement will also be filed with the Securities and Exchange Commission. This statement will be mailed to the stockholders outlining the proposed amendment to the Certificate of Incorporation. Investors and stockholders should read the proxy statement and other materials filed because they contain information about the Company, the amendment to the Certificate of Incorporation and other matters.
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