Phoenix Footwear Group, Inc. announced that its Board of Directors has declared a 2-for-1 stock split of the Company’s common stock. Shareholders of record at the close of business on the company’s 2003 Annual Shareholder Meeting date will receive two shares in exchange for every one share held, with a distribution date of two weeks following the meeting.
Following the stock split, the Company will have approximately 3.6 million shares outstanding. The increase in authorized shares is contingent upon shareholder approval, to be taken at the Company’s Annual Shareholder Meeting during the last week of May.
James Riedman, CEO of Phoenix Footwear, commented, “Today’s announcement reflects our commitment to maximizing shareholder value and the confidence we have in our ability to develop and market premium footwear brands. We feel this stock split is an important step toward broadening our ownership base and improving the trading liquidity of our stock.”
