STMicroelectronics Announces Results of Annual General Meeting; Shareholders Approve Cash Dividend and Two-for-One Stock Split.GENEVA--(BUSINESS WIRE)--June 1, 1999-- STMicroelectronics (NYSE NYSE See: New York Stock Exchange : STM (Scanning Tunneling Microscope) A microscope that can image down to the atomic level. An STM uses a piezoelectric tube with a tiny sharp tip at the end that is moved within nanometers of the object being sampled. ) reported that its shareholders approved all resolutions proposed by the Supervisory Board Supervisory board The board of directors that represents stakeholders in the governance of the corporation. at the general meeting of shareholders held on Monday, May 31, 1999 in Amsterdam. Shareholders approved the payment of an annual cash dividend of $0.16 per share payable as of June 15, 1999 to shareholders of record on June 1, 1999. Shareholders also approved a two-for-one stock split and simultaneous redenomination of the par value of each share to Euro 3.12. The record date for the stock split is June 16, 1999 and the distribution date is June 17, 1999. Shares will trade with the new stock price as of the opening of trading on June 18, 1999 on the 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. , the Bourse bourse (b  rs), term applied to a European stock exchange. The first international bourse was established in Antwerp in the 16th cent. de Paris and the Borsa di Milano. Other resolutions approved by shareholders included: 1) Reappointment reappointment Hospital practice The renewal of medical staff membership and privileges of a practitioner whose previous service on the medical staff has met the staff's standard of Pt care. See Appointment. of Mr. Pasquale Pistorio, President and Chief Executive Officer, as sole member of the Management Board; 2) Reappointment of Messrs Steve, Noblanc, Dullieux, Ovi, White, Gallo, Gavois and de Waard as members of the Supervisory Board. 3) Approval of the creation of 180,000,000 Preference Shares in the authorised share capital of STMicroelectronics . These Preference Shares, which are intended to protect STMicroelectronics from a hostile take-over or similar actions, in the interest of ST and all of the shareholders of ST, will be issued only at the request of STMicroelectronics II BV and upon a resolution from the Supervisory Board of STMicroelectronics. 4) Reappointment of PriceWaterhouseCoopers as auditors for the financial years 1999 to 2001. 5) Change from one half to one third of the issued capital, for the quorum of the general meeting of shareholders. Following the shareholders' meeting shareholders' meeting n. a meeting, usually annual, of all shareholders of a corporation (although in large corporations only a small percentage attend) to elect the Board of Directors and hear reports on the company's business situation. , the Supervisory Board which also met on May 31, 1999 decided to appoint: Mr Jean-Pierre Noblanc as its Chairman Mr Bruno Steve as its Vice Chairman STMicroelectronics (formerly SGS-THOMSON Microelectronics) is a global independent semiconductor company, whose shares are traded on the New York Stock Exchange, the Bourse de Paris and the Milan Stock Exchange Milan Stock Exchange The largest regional stock exchange in Italy, facilitating more than 90% of the country's trading volume. . The Company designs, develops, manufactures and markets a broad range of semiconductor integrated circuits (ICs) and discrete devices used in a wide variety of microelectronic applications, including telecommunications systems, computer systems, consumer products, automotive products and industrial automation and control systems. Further information on ST can be found at www.st.com |
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