Summary
Northrop Grumman Corporation (NOC) announced significant corporate actions on May 12, 2004, that are relevant to its shareholders. The company's Board of Directors has approved a 2-for-1 stock split, to be executed as a stock dividend, with shares distributed on June 21, 2004. This move effectively doubles the number of outstanding shares, which can make the stock more accessible to a wider range of investors and potentially increase liquidity. In addition to the stock split, the Board also declared two dividends. A quarterly dividend of $0.46 per share of common stock will be paid on June 5, 2004, to shareholders of record as of May 24, 2004. Furthermore, a dividend of $1.75 per share will be paid on Series B Convertible Preferred Stock on July 15, 2004. These actions reflect the company's commitment to returning value to shareholders.
Key Highlights
- 1Announced a 2-for-1 stock split effective via a stock dividend, doubling the number of outstanding common shares.
- 2Stock dividend distribution date set for June 21, 2004, for shareholders of record on May 28, 2004.
- 3Adjusted the number of shares of common stock reserved under equity-based agreements and compensation plans to reflect the stock split.
- 4Declared a cash dividend of $0.46 per share for common stock, payable on June 5, 2004.
- 5Record date for the common stock dividend is May 24, 2004.
- 6Declared a dividend of $1.75 per share for Series B Convertible Preferred Stock.
- 7Series B Convertible Preferred Stock dividend payable on July 15, 2004, to shareholders of record on July 2, 2004.