Printer Friendly

WACKENHUT CLARIFIES INDICATED DIVIDEND

 CORAL GABLES, Fla., Jan. 13 /PRNewswire/ -- The Wackenhut Corporation (NYSE: WAK), a publicly owned company listed on the New York Stock Exchange, now trades its shares under two separate series of common stock, a new Series B common stock which was issued on Jan. 4, 1993, and the pre-existing common stock, which is now designated as Series A common stock.
 After the information regarding the stock split was disseminated, it came to the corporation's attention that some recipients may have misunderstood the corporation's intentions with respect to the future distribution of cash dividends.
 The chairman of the board of the corporation, in a letter to shareholders enclosed with the new certificates, explained that "The Series B Common Stock has no voting rights, but in all other respects is the same as the Series A common stock."
 For example, if the 18-cent per share quarterly dividend of the pre- existing stock on its last payment date is continued at the same rate, it will result in the payment of nine cents ($.09) per share on the Series A common stock and nine cents ($.09) per share on the Series B common stock, on the next payment date.
 The chairman of the board further explained that shareholders who dispose of their stock would have to allocate their cost basis in the pre-existing common stock between the Series A and Series B common on the basis of the relative market value of the two series on Jan. 4, 1993, the date of the distribution, and effective date of the split. Thus, the highest and lowest quoted selling prices for both the Series A and Series B for that day should be averaged, and the cost basis for the underlying shares should be apportioned between the Series A and Series B in the ratio that these averages bear to one another.
 The chairman of the board promised in his correspondence to shareholders, to distribute information on the averaged price. It has been determined that this ratio was 49.57 percent allocated to Series A, and 50.43 percent allocated to Series B.
 This information is now disseminated as a service to the corporation's shareholders, and to assist the broker and analyst communities in providing information to the public.
 The Wackenhut Corporation was founded in 1954, and provides security and other business services to business, professional and industrial clients and government agencies throughout the United States and 48 other countries. The corporation has annualized revenues of over $600 million and its shares have been traded on the New York Stock Exchange since 1980.
 -0- 1/13/93
 /CONTACT: Patrick F. Cannan, director of Corporate Relations of The Wackenhut Corporation, 305-666-5656/
 (WAK)


CO: The Wackenhut Corporation ST: Florida IN: SU: DIV

JJ-JB -- FL010 -- 4552 01/13/93 16:13 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 13, 1993
Words:464
Previous Article:COURTYARD BY MARRIOTT ANNOUNCES FREQUENT STAY PROGRAM
Next Article:APL CORPORATION ANNOUNCES RESULTS
Topics:


Related Articles
WACKENHUT ANNOUNCES STOCK AND INCREASED CASH DIVIDENDS
WACKENHUT ANNOUNCED DIVIDEND
WACKENHUT ANNOUNCES DIVIDENDS
WACKENHUT ANNOUNCES DIVIDENDS
THE WACKENHUT CORPORATION ANNOUNCES DIVIDENDS
THE WACKENHUT CORPORATION ANNOUNCES DIVIDENDS
THE WACKENHUT CORPORATION ANNOUNCES DIVIDENDS
THE WACKENHUT CORPORATION ANNOUNCES DIVIDENDS
The Wackenhut Corporation Announces Dividends
Wackenhut Corporation Plans Continued Growth; Discontinues Quarterly Dividend.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters