Domtar Authorization 1-For-12 Reverse Stock Split
June 2, 2009 (FinancialWire) — Domtar Corp.’s (NYSE: UFS) (TSX: UFS) board has authorized the implementation of a reverse stock split at a one-for-12 ratio of its outstanding common stock.
The company’s indirect subsidiary, Domtar Paper Inc., authorized an equivalent reverse split of its outstanding exchangeable shares. The reverse stock split, which was approved by stockholders at the company’s annual meeting held on May 29, will be effective on June 10.
As a result of the reverse split, every 12 shares of Domtar’s common stock that are issued and outstanding at the effective time will be automatically combined into one issued and outstanding share, without any change in the par value of such shares.
The company’s common stock will continue to be traded on the New York Stock Exchange and the Toronto Stock Exchange under the symbol “UFS” on a post-split basis, under a new CUSIP number, 257559203. The company’s common stock is expected to begin trading on a split-adjusted basis on June 11.
Montreal-based Domtar is a manufacturer and marketer of uncoated freesheet paper in North America and is also a manufacturer of papergrade, fluff and specialty pulp. Domtar also produces lumber and other specialty and industrial wood products. The company employs nearly 11,000 people.
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