Graham Corporation (GHM) Announces Increase Cash Dividend To 16c and Two-for-One Stock Split
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Graham Corporation (AMEX: GHM) announced that the Board raised the annual cash dividend, which is currently $0.12 per share annually, to $0.16 per share annually. On a post split basis, the annual dividend will be $0.08 per share, or $0.02 per share per quarter. The dividend will be paid on or about October 6, 2008 to stockholders of record on September 5, 2008.
The Board of Directors, at its meeting following the annual meeting, declared a two-for-one stock split of the Company's common shares in the nature of a stock dividend and an increase in the post-split quarterly dividend to $0.02 per share.
The two-for-one stock split will be effected as a stock dividend, and stockholders will receive one additional share of common stock for every share of common stock held on the record date of September 5, 2008. The Company expects the new common shares to be distributed on or about October 6, 2008. Graham currently has approximately 5.0 million shares of common stock outstanding. After the distribution of the stock dividend, there will be approximately 10.1 million common shares outstanding.
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