Phoenix Co.'s (PNX) Says One-for-20 Reverse Split Now Effective
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The Phoenix Companies, Inc. (NYSE: PNX) today announced that its 1-for-20 reverse stock split of Phoenix common stock became effective following market close on Friday, August 10, 2012. Shares of Phoenix common stock will begin trading on a split-adjusted basis on the New York Stock Exchange under the symbol “PNX” when the exchange opens this morning. The shares will trade under a new CUSIP number (71902E 604) and a new ISIN (US71902E6041).
As previously disclosed, shareholders granted the Board of Directors discretionary authority to effect this reverse stock split at the company’s Annual Meeting of Shareholders on May 15, 2012. On June 28, 2012, Phoenix announced its decision to pursue the transaction, saying that it will reduce its administrative costs and improve the company’s ability to interact with shareholders. The company also said it believed the reverse stock split could potentially improve the perception of its common stock.
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As previously disclosed, shareholders granted the Board of Directors discretionary authority to effect this reverse stock split at the company’s Annual Meeting of Shareholders on May 15, 2012. On June 28, 2012, Phoenix announced its decision to pursue the transaction, saying that it will reduce its administrative costs and improve the company’s ability to interact with shareholders. The company also said it believed the reverse stock split could potentially improve the perception of its common stock.
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