Boeing Shareholders Approve Increase in Authorized Capital Stock; Stock Split Record Date Set for May 16; Quarterly Dividend Reported; Special Shareholder Meeting Announced
Shareholders of The Boeing Company yesterday approved doubling the authorized capital stock of the company. The new total is 1,220,000,000 shares, consisting of 1,200,000,000 shares of common stock and 20,000,000 shares of preferred stock. The approval was made at the company's annual meeting in Seattle.
This action now permits a 2-for-1 split of the issued common stock, a decision that was made by the board of directors on Feb. 24, 1997 and announced on Feb. 25.
The record date for the stock split is May 16. The distribution date will be June 6, rather than June 13, as previously announced.
Boeing Chairman and Chief Executive Officer Phil Condit reported that a quarterly dividend of 28 cents a share on a pre-split basis was declared by the Board of Directors at its April 28 meeting. The dividend is payable June 6, 1997 to shareholders of record on May 16, 1997.
Also at the annual meeting, Condit announced a tentative date of July 25 for a special shareholder meeting to vote on the Boeing/McDonnell Douglas merger.