IMO INDUSTRIES EXTENDS ODD-LOT STOCK SALE PROGRAM
IMO INDUSTRIES EXTENDS ODD-LOT STOCK SALE PROGRAM LAWRENCEVILLE, N.J., Nov. 19 /PRNewswire/ -- Imo Industries Inc.
(NYSE: IMD) today announced that its Commission-Free Selling Program has been extended through Wednesday, Dec. 18, 1991.
This Program allows stockholders who owned fewer than 100 shares of IMO common stock as of Oct. 4, 1991, to sell those shares without incurring any brokerage commissions or other charges. All shares received in good order by the Program Manager, Shareholder Communications Corporation, during the Program extension period from Nov. 21 through Dec. 18, will be gathered in round lots and sold into the open market by Merrill Lynch, Pierce, Fenner & Smith, Inc. The selling shareholders will receive a price per share that is the weighted average price based on sales of all shares received during the above Program extension period. In this way, any short-term fluctuation in the price of shares will be smoothed out for all stockholders participating during the extension. No more than 5 percent of IMO's outstanding common stock will be sold under the Program. IMO, with 1990 sales of $1 billion, supplies analytical and optical instruments, electronic and mechanical controls, engineered power products and their support services to industrial and defense customers worldwide. /delval/ -0- 11/19/91 /CONTACT: Paul B. Lazovick, director of Investor Relations for Imo Industries, 609-896-7615/ CO: Imo Industries Inc. ST: New Jersey IN: CPR SU: LJ -- PH005 -- 4783 11/19/91 08:33 EST
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|Date:||Nov 19, 1991|
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