Minnesota Power stock split approved
Minnesota Power stock split approvedMinnesota Power has received final regulatory approvals to split its common stock on a two-for-one basis. The Federal Energy Regulatory Commission has approved the stock split, which was announced January 18, 1999.
The stock split will be effective on March 2, 1999, for shareholders of record on February 16, 1999. Shareholders will receive one additional share of common stock for each share of common stock they own. On the effective date, certificates for the additional shares will be mailed or, as appropriate, shareholders’ accounts will be credited.
Company officials believe that the split of its common stock with the resulting lower market price per share will broaden its distribution and be in the best interest of the company and its stockholders.
Minnesota Power is a diversified services company with corporate headquarters in Duluth, Minnesota.