Conoco Suspends Direct Stock Purchase and Dividend Reinvestment Plan.Business/Energy Editors HOUSTON--(BUSINESS WIRE)--Aug. 15, 2002 Conoco (NYSE NYSE See: New York Stock Exchange :COC See chip on chip. ) today said that its direct stock purchase and dividend reinvestment plan Dividend Reinvestment Plan (DRP) Plan which provides for automatic reinvestment of shareholder dividends in more shares of a company's stock, often without commissions. Some plans provide for the purchase of additional shares at a discount to market price. , CONOCO CONNECTION, will be suspended sus·pend v. sus·pend·ed, sus·pend·ing, sus·pends v.tr. 1. To bar for a period from a privilege, office, or position, usually as a punishment: suspend a student from school. on Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant , Aug. 16, as a result of the merger between Conoco and Phillips, which is expected to be completed later this quarter. As a result, the third quarter dividend, payable September 3, will be paid in cash rather than reinvested under the plan. The last purchase of Conoco common stock with cash payments under the plan will be made Friday, Aug. 16. Cash payments and automatic deductions received by EquiServe on or prior to Thursday, Aug. 15, will be invested in Conoco common stock. Automatic deductions will be suspended, and cash payments received after that date will be returned without interest. Once the merger is completed, more information about the merger and exchanging Conoco common stock for ConocoPhillips common stock will be sent to all Conoco stockholders. Additionally, all CONOCO CONNECTION participants will receive information about the ConocoPhillips Direct Stock Purchase and Dividend Reinvestment Plan. "We apologize a·pol·o·gize intr.v. a·pol·o·gized, a·pol·o·giz·ing, a·pol·o·giz·es 1. To make excuse for or regretful acknowledgment of a fault or offense. 2. To make a formal defense or justification in speech or writing. for any inconvenience these suspensions may cause," said Bob Goldman, Conoco's chief financial officer. "We are mailing letters to everyone with CONOCO CONNECTION accounts. However, if there are further questions, please contact our transfer agent, EquiServe, at 800/317-4445." Conoco is a major, integrated energy company active in more than 40 countries. |
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