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Small appliance maker Jarden Corporation announced that its board of directors approved a 3-for-2 stock split of its outstanding shares of common stock. Stockholders of record at the close of business on June 20, 2005 will receive one additional share of Jarden common stock for every two shares of Jarden common stock owned on that date. The additional shares are expected to be distributed on or about July 11, 2005.
As a result of the stock split, and after taking into consideration the conversion of Series C Preferred Stock, the number of outstanding shares of common stock will increase to approximately 45.3 million from approximately 30.2 million.
In addition, the company announced that stockholders approved all six proposals from its Annual Meeting of Stockholders, including the re-election of Douglas W. Huemme, Robert L. Wood, and Irwin D. Simon to serve on the board of directors for a 3-year term.
Other proposals that were approved included the adoption of the amended and restated 2003 stock incentive plan, the appointment of Ernst & Young LLP as the company's independent registered public accounting firm, an increase in authorized common stock from 50,000,000 to 150,000,000, the conversion of the Series C Preferred Stock into Common Stock and Series B Preferred Stock, and an amendment to the company's Restated Certificate of Incorporation to amend the definition of "Related Party."
Martin E. Franklin, chairman and CEO, commented, "We are confident in the long-term growth potential of Jarden and are committed to making further progress on our quest to build a world-class consumer products company. Importantly, our board is committed to passing this value along to our shareholders and we believe the stock split will encourage broader ownership of Jarden as we grow from a small-cap to a mid-cap company."
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