MSA Proposes 3-for-1 Stock Split
PITTSBURGH, March 16 /PRNewswire/ -- Mine Safety Appliances Company (Amex: MSA) announced today that its Board of Directors has proposed a 3-for-1 split of its common shares. Shareholders will be asked to approve the amendment at MSA's annual meeting on May 10. The proposed amendment would also increase the authorized shares of MSA common stock to 60 million shares from 20 million shares.
"MSA believes this stock split will give a wider range of investors, particularly individuals, an opportunity to benefit from the strength and growth of our company," said James E. Herald, MSA Vice President - Finance and Chief Financial Officer. "We believe reducing the per-share price and increasing the number of shares may result in a broader market for our common stock, greater liquidity in the market and more widespread ownership."
If MSA shareholders approve the proposal, shareholders of record as of May 12 will receive two additional shares of MSA common stock for each share held. The additional shares will be distributed on May 24.
As of February 25, 2000, MSA had approximately 4.9 million common shares outstanding. Upon completion of the stock split, the number would increase to approximately 14.6 million common shares outstanding.
MSA is the world's leading provider of quality products and services that
protect people's health, safety and environment. The company has sales and
manufacturing operations throughout the United States and has 28 international
affiliates.
SOURCE Mine Safety Appliances Company
CONTACT: Mark Deasy of Ketchum, 412-456-3843, for Mine Safety Appliances, or James E. Herald of Mine Safety Appliances, 412-967-3376
