Publix Shareholders Must Vote on Whether to Approve a 5-1 Split Next Spring
Posted on: Friday, 11 November 2005, 21:00 CST
By Mary Toothman, The Ledger, Lakeland, Fla.
Nov. 11--LAKELAND -- Publix Super Markets Inc. announced Thursday its board of directors has voted to recommend stockholders approve a 5-for-1 split of its stock next spring.
The Lakeland-based supermarket chain began offering stock in 1959 to its employees at $10 a share. Now valued at $77.25, the stock has split three times.
If an employee purchased a single share of stock in 1959 and kept it all these years -- without reinvesting dividends -- today its value would be 200 shares worth $15,450.
Those numbers can change. In March, Publix stock will be evaluated and the price may be adjusted. And the split is anticipated in the spring.
For stockholders like Lakeland's Lenton Brunson, who retired as vice-president of purchasing from Publix after 40 years, the stock has certainly been a plus. Brunson, 86, said he began buying Publix stock in 1960 and he's happy that he did. "Well, you know, you can't help but feel good about it," he said. "That's one of the finest breaks I ever had, when I came to work for Publix." Publix Spokeswoman Maria Brous said the Board of Directors voted Wednesday to recommend that stockholders approve an increase in the company's authorized shares. The stockholder vote will take place at the company's annual meeting, slated for April 18.
If stockholders approve the increase in shares, the effective date of the stock split will be July 1.
Publix stock last split in 1992, when it went 5-for-1. It was then valued at $53 per share. It also split in 1984, 10-for-1, when it was at $100 per share, and in 1969, 4-for-1, when it was $44 per share.
The largest private employer in the state and in Polk County, Publix has 866 stores in Florida, Georgia, South Carolina, Alabama and Tennessee including 19 in Polk County.
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Copyright (c) 2005, The Ledger, Lakeland, Fla.
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Source: The Ledger
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