UFPI Board of Directors Approves 3-for-1 Stock Split; 13 Percent Increase in Semiannual Dividend
Wednesday, October 18, 2017
GRAND RAPIDS, Mich., October 18, 2017 – The Board of Directors of Universal Forest Products, Inc. (Nasdaq: UFPI) approved a three-for-one stock split on October 17, 2017, to be effected in the form of a stock dividend of two additional shares of common stock for each outstanding share of common stock. The split will increase the number of outstanding shares of the Company’s common stock from approximately 20.4 million to 61.2 million.
“The stock dividend demonstrates the Board of Directors’ confidence in the Company’s continued ability to grow sales and profits and generate robust cash flow,” said William G. Currie, chairman of the board. “By increasing the number of shares outstanding, we hope to encourage more employee ownership and perhaps see a positive impact on the liquidity of the stock.”
The stock dividend will be payable on November 14, 2017, to stockholders of record as of the close of business on October 31, 2017. The Company’s stock will begin trading at the post-split price on November 15, 2017. Any shares purchased between the October 31, 2017, record date and the November 14, 2017, payment date will come with a “due bill,” entitling the buyer to two additional shares for each share purchased.
In addition, the Company’s Board of Directors approved a 13.3 percent increase in the semiannual cash dividend to $0.51 per share, which equates to $0.17 per share after the stock split. The dividend is payable on December 15, 2017, to shareholders of record as of December 1, 2017.