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Article: Florida East Coast Industries, Inc. Announces Proposal to Reclassify its Class A Common Stock and Class B Common Stock into a New Single Class of Common Stock and Declares Quarterly Dividend.
- Article from:
- PR Newswire
- Article date:
- February 27, 2003
CopyrightCOPYRIGHT 2003 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Florida East Coast Industries, Inc. (FECI) announced today that its Board of Directors has authorized, and recommends to shareholders, the elimination of its dual-class structure by reclassifying its Class A common stock and Class B common stock into a new single class of common stock on a one-for-one basis. The Board of Directors also declared a quarterly dividend of $0.025 (2 1/2 cents) per share on all shares of common stock issued and outstanding.
Under the current dual-class structure, holders of Class A common stock are entitled to elect 20% of the authorized number of members of the Board of Directors while the holders of Class B common stock are entitled ...