ITC Holdings Corp. Announces 3 for 1 Stock Split and Declares Quarterly Dividend
ITC Holdings Corp. (NYSE: ITC) announced today that its board of directors has approved a 3 for 1 stock split in the form of a stock dividend. On February 28, 2014, shareholders of record as of February 18, 2014 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, 2014 to shareholders of record on March 10, 2014.
"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."
ITC Holdings Corp. ITC Holdings Corp. (NYSE: ITC) is the nation's largest independent electric transmission company. Based in Novi, Michigan, ITC invests in the electric transmission grid to improve reliability, expand access to markets, lower the overall cost of delivered energy and allow new generating resources to interconnect to its transmission systems. ITC's regulated operating subsidiaries include ITCTransmission, Michigan Electric Transmission Company, ITC Midwest and ITC Great Plains. Through these subsidiaries, ITC owns and operates high-voltage transmission facilities in Michigan, Iowa, Minnesota, Illinois, Missouri, Kansas and Oklahoma, serving a combined peak load exceeding 26,000 megawatts along 15,000 circuit miles of transmission line. Through ITC Grid Development and its subsidiaries, the company also focuses on expansion in areas where significant transmission system improvements are needed. For more information, please visit ITC's website. (ITC-itc-F)
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