Astronics Announces 15% Class B Stock Distribution
Astronics Corporation (NASDAQ: ATRO), a leading provider of advanced technologies for the global aerospace and defense industries, announced a 15% stock distribution of Class B Stock to holders of both Common and Class B Stock. Stockholders will receive three shares of Class B Stock for every twenty shares of Common and Class B Stock held on the record date of October 29, 2012. Fractional shares will be paid in cash. The Company expects the new shares to be distributed on or about November 12, 2012. Astronics initially distributed shares of Class B Stock to Common and Class B stockholders in 1987. Additional Class B share distributions were made in 1988, 2000, 2001, 2008 and 2011. Currently, there are approximately 2.5 million Class B and 9.9 million Common shares outstanding. After the distribution, approximately 4.4 million Class B and 9.9 million Common shares will be outstanding. Astronics Class B Stock is entitled to ten votes per share while Common Stock is entitled to one vote per share. Class B Stock is not a tradable security, but is convertible, at all times and without cost to the shareholder, into one share of Astronics Corporation Common Stock, which is tradable and provides shareholders of Class B Stock access to the market. The economic value of one share of Class B Stock is equivalent to one share of Common Stock. Subject to certain exceptions, shares of Astronics Class B Stock automatically convert into an equal number of shares of Common Stock upon transfer.
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