NOVI – ITC Holdings Corp. announced that its board of directors has approved a 3 for 1 stock split in the form of a stock dividend . Shareholders of record as of February 18 will receive a distribution of two additional shares of ITC common stock for each share they hold.
Upon completion of the stock split, ITC will have approximately 157.5 million shares of common stock outstanding. This is the first time ITC’s common stock has split since the company’s initial public offering on July 25, 2005.
In addition, the company’s board of directors approved a quarterly cash dividend on ITC’s common stock of $0.1425 per share on a post-split basis (adjusted from $0.4275 per share on a pre-split basis), payable on March 19 to shareholders of record on March 10.
“The board’s decision to effectuate a stock split was made possible by ITC’s strong track record of delivering value to our customers and our shareholders and reflects our confidence in the long-term growth prospects for the business,” said Joseph L. Welch, chairman, president and CEO of ITC. “We also believe the stock split will enhance the liquidity of our shares while also maintaining a share price that is attractive to a broad range of investors.”
