FREEPORT-McMoRan INC. EXTENDS COMMISSION-FREE SHAREHOLDER SALES PLAN FOR HOLDERS OF FEWER THAN 100 SHARES OF FREEPORT-McMoRan INC. COMMON STOCK.
Pursuant to the plan, as extended, Chemical Mellon Shareholder Services, L.L.C. ("CMSS") will act as agent for FTX common shareholders who, after giving effect to the one-for-six reverse stock split which became effective on October 20, 1995, owned in the aggregate as of December 5, 1995 fewer than 100 shares of FTX common stock (including any shares jointly held and any shares held by a bank or broker) and who wish to sell all of such shares. CMSS will accumulate the common shares of participating shareholders and sell such shares in round-lots in the open-market. Shareholders who participate in the plan, as extended, after 5:00 p.m. (New York City time) on January 12, 1996 and before 5:00 p.m. (New York City time) on February 9, 1996, will receive a weighted average price per share that is based upon the gross sales price from actual open-market sales of shares accepted for tender during such period. All commissions associated with the plan will be paid by FTX.
FTX makes no recommendation as to whether shareholders should participate in the plan, and the plan is not a solicitation by CMSS or FTX for FTX common stock.
FTX owns an approximate 51.5% interest in Freeport-McMoRan Resource Partners, Limited Partnership which is engaged in the production of phosphate fertilizers and animal feed ingredients as well as the mining of phosphate rock through IMC-Agrico Company; the mining, transportation and terminalling of sulphur and the development and production of related oil reserves.
CONTACT: Freeport-McMoRan Inc., New Orleans
Craig E. Saporito, 504/582-4476
or Chris D. Sammons, 504/582-4474
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|Date:||Jan 12, 1996|
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