American Bankers Insurance Group Inc. Announces a Two-For-One Stock Split and an Increase in its Quarterly Cash Dividend.MIAMI--(BUSINESS WIRE)--Aug. 15, 1997--American Bankers Insurance Group Inc. (NYSE NYSE See: New York Stock Exchange :ABI Abi (ā`bī) [short for Abijah], in the Bible, King Hezekiah's mother. (Application Binary Interface) A specification for a specific hardware platform combined with the operating system. ) Friday declared a two-for-one stock split, to be effected in the form of a stock dividend, on the company's common stock and an increase in its regular quarterly cash dividend. The stock split will be done under New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. rules and the additional shares will be paid on Sept. 12, 1997 to shareholders of record on Aug. 29, 1997. The record and payment dates for the additional shares correspond to the record and payment dates applicable to the newly declared quarterly cash dividend. "The board's approval of the stock split is a move to increase liquidity and ownership by making the stock accessible to a wider range of investors," said Gerald N. Gaston, ABI's president and chief executive officer. Gaston also noted that the dividend declaration represents the second dividend increase made in 1997 and produces a dividend rate 10% higher than the prior year. The result of the stock split will be that all ABI common shareholders of record on Aug. 29, 1997, will receive one additional share for each share they now hold. Certificates currently held by shareholders will continue to be valid and new certificates for the additional shares will be issued. Fractional shares Fractional share Stocks amounting to less than one full share, usually resulting from splits, acquisitions, exchanges, or dividend reinvestment programs. fractional share Less than one share of stock, that is, one-third or one-half a share. will be paid out in cash. The new certificates and cash payments will be paid on Sept. 12, 1997. The new quarterly cash dividend is $.22 applicable to current shares, or $.11 per share on a post-split basis. The cash dividend will be paid on Sept. 12, 1997 to shareholders of record on Aug. 29, 1997. American Bankers Insurance Group Inc. (ABI) concentrates on marketing affordable, specialty insurance products and services through financial institutions, retailers and other entities offering consumer financing as a regular part of their business. ABI, through its insurance subsidiaries, operates in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Canada, the Caribbean, Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. and the United Kingdom. CONTACT: American Bankers Insurance Group Inc. P. Bruce Camacho Executive Vice President Investor Relations Investor relations The process by which the corporation communicates with its investors. 305/252-7060 |
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