Advent Software Announces 2-for-1 Stock Split (ADVS)

Advent Software

announced today that its Board of Directors has approved a two-for-one split of its common stock. The stock split will be accomplished through a stock dividend issued by the company. Stockholders of record, as of the close of business on January 3, 2011, will be issued one additional share for each share of common stock held on the record date. These distributions will occur on January 18, 2011. The stock split will increase the number of shares of common stock outstanding from approximately 26,000,000 shares to approximately 52,000,000 shares. As a result, there will be an accompanying prorated increase in the Company's stock repurchase programs previously authorized by Advent's Board of Directors in October 2008 for 3.0 million shares and in May 2010 for an additional 1.0 million shares. As of today, approximately 1.1 million shares remain available for repurchase under those authorizations. After the stock dividend is completed on January 18, 2011 and excluding the impact of share repurchases through such date, if any, approximately 2.2 million shares will be available for repurchase. Stephanie DiMarco, Founder and Chief Executive Officer of Advent, stated that the Board of Directors authorized the stock split principally to obtain wider distribution and greater liquidity for Advent's common stock.