Advanta board OK stock split |
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Tue, 03 Apr 2007 17:29
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SPRING HOUSE, Pa. (AP) - Advanta Corp., an issuer of credit cards to small businesses, said Tuesday its board approved a three-for-two stock split for both its Class A and Class B common stock.The split will be in the form of a 50 percent stock dividend, which will be paid on June 15 to shareholders of record as of May 25, Advanta said.The company's common stock will begin trading at the split-adjusted price on June 18, Advanta said.In connection with the stock split, the board also approved the repurchase of up to 1.5 million shares of Advanta's Class B common stock on a split-adjusted basis.On the Nasdaq Stock Market Monday, Advanta Class A shares closed at $39.20, and Class B shares closed at $43.18.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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