ATLANTA – Marine Products Corporation’s Board of Directors has approved a three-for-two split of the company’s outstanding common stock, an MPC release said recently.
The split will be effected by issuing one additional share of common stock for every two shares of common stock held. The additional shares of common stock will be distributed on March 10 to holders of record at the close of business on February 10, MPC said.
MPC, a manufacturer of fiberglass boats, including Chaparral pleasure boats and Robalo sport fishing boats, also said no fractional shares would be issued. Fractional share amounts resulting from the split will be paid to shareholders in cash.
The Board declared a quarterly dividend increase of 50 percent to $0.06 per share payable March 10 to common shareholders of record at the close of business February 10. The cash dividend that was declared will be paid on the pre-split shares, the company said
“Given the sustained strength in the company’s stock price, we are able to make Marine Products’ stock more widely available to potential investors,” said Richard A. Hubbell, Marine Products’ CEO. “We believe that increasing the cash dividend and splitting the stock are not only a way to reward our current stockholders, but may also potentially increase the liquidity and investment appeal of our common stock.”