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United Capital Approves Stock Split

GREAT NECK, NY-A two-for-one stock split has been approved by United Capital Corp.'s board of directors in an effort to increase the number of outstanding shares from 4.55 million to 9.1 million.

By Barbara Jarvie | Updated on August 05, 2003

GREAT NECK, NY-United Capital Corp.’s board of directors has unanimously approved a two-for-one split of the company’s common stock. Shareholders of record as of the close of business August 15 will receive one additional share of common stock for each share owned on that date in the form of a stock dividend. Certificates representing the additional common shares will be distributed on or about August 29.

The effect of the stock split will be to increase the number of outstanding shares of the company from approximately 4.55 million to approximately 9.1 million shares. The board’s action follows an amendment to the company’s articles of incorporation, approved by a majority of shareholders, which increased the number of authorized common shares from 7.5 million to 17.5 million shares. “The stock split is in response to the increase in the market price of United Capital’s common stock over the last several months and should lead to wider ownership and improved liquidity for all shareholders,” notes A.F. Petrocelli, chairman of United Capital Corp.

In June, United Capital’s board approved a special cash dividend of $2 per common share as a one-time cash dividend payable on July 10 to all shareholders of record as of June 20. “The long-term strategy of the company is still centered on growth, but with only limited real estate opportunities available and as a result of the tremendous financial success attained in the last several years, this special dividend is in the best interest of all shareholders at this time,” Petrocelli said at the time.

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