HP Board Authorizes Additional $8 Billion for Share Repurchases, Declares Regular Dividend
Press release from the issuing company
Company also amends bylaws, sets annual meeting and record dates
PALO ALTO, Calif., Nov. 19, 2007 - HP today announced that its board of directors has approved the authorization of an additional $8 billion for share repurchases.
The company intends to use the authorization as part of its ongoing program to manage the dilution created by shares issued under employee stock plans, as well as to repurchase shares opportunistically.
The HP board also declared a regular cash dividend of 8 cents per share on the company's common stock. The dividend, the first in HP's fiscal year 2008, is payable on Jan. 2, 2008, to stockholders of record as of the close of business on Dec. 12, 2007.
HP has approximately 2.6 billion shares of common stock outstanding.
The HP board also approved an amendment to the company's bylaws regarding special meetings of HP stockholders. The amendment permits holders of at least 25 percent of HP's outstanding shares to cause a special meeting to be held, unless the HP board determines that the business to be conducted at the meeting will be included in an upcoming annual meeting of HP stockholders. Previously, HP stockholders were not empowered to cause a special meeting to be held unless the entire HP board became vacant.
In addition, HP established a record date for its 2008 annual meeting of stockholders. HP stockholders of record at the close of business on Jan. 22, 2008, will be entitled to notice of the annual meeting and to vote upon matters considered at the meeting. The annual meeting will be held at the Seaport World Trade Center in Boston on March 19, 2008.
HP will make available to all stockholders of record important information about the meeting and the matters to be considered. Stockholders are urged to review that information when it becomes available.
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