Fluorocarbon Directors Approve 3-2 Stock Split, Dividend Increase
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Directors of Fluorocarbon Co., a Laguna Niguel industrial components manufacturer, have approved a 3-for-2 stock split and a 6.4% increase in the company’s quarterly dividend.
The board also voted to increase the authorized number of shares of common stock by 50% to 15 million. After the stock split, Fluorocarbon will have 5.76 million shares outstanding.
Chairman Peter Churm said that the company expects its best year ever in 1988 and that the stock split and the increase in total shares authorized were approved to increase the company’s ability to raise capital, to distribute the company’s shares more broadly and to make the stock more marketable.
Fluorocarbon stock has traded in the over-the-counter market within a recent range of $16 to 18.50 a share. The price should drop by about a third once the split takes effect June 30. The stock closed Wednesday at a 52-week high of $19.125 per share, down 12.5 cents.
The quarterly dividend was increased to 5 cents a share, payable July 30 to stockholders of record on July 15.
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