Titan International Inc.'s board of directors has approved a five-for-four stock split with a record date of July 31, 2008, and a payable date of Aug. 15, 2008. Titan will give five shares for every four shares held as of July 31.
The split is being ordered "to show our stockholders how much we appreciate their support," says Titan Chairman and CEO Morry Taylor.
New shares will be delivered in book entry form and reflected on shareholder statements, according to Titan officials. "No physical shares will be issued with the stock split. However, by a future stockholder request, physical shares can be issued."
Stockholders must not destroy their current stock certificates and must not mail them to Titan or its transfer agent. The common stock certificates currently held continue to be valid and should be retained.
"The July 31 date also will be used to calculate the fractional share amount, which will be based on the closing price of the New York Stock Exchange as of the record date."