LOUISVILLE, Ky. (June 19, 2012) — The Brown-Forman Corporation (NYSE:BFA)(NYSE:BFB) Board of Directors on June 14 approved a three-for-two stock split for all shares of Class A and Class B common stock to be paid in the form of a stock dividend.
The implementation of the stock split is subject to the approval of an increase in the number of authorized shares of both classes of stock at the company’s regular annual meeting of stockholders scheduled to be conducted July 26. Additional details of the proposed split will be included in the proxy statement, which will be distributed in conjunction with the company’s regular annual meeting of stockholders.
If the increase in the number of authorized shares is approved, the record date for the split is anticipated to be on or about Aug. 3 and the company would distribute one additional share of stock for every two shares of stock held for each respective class of stock. The new shares of each class of stock are expected to be distributed on or about Aug. 10. The planned stock split will not affect the regular quarterly cash dividend of $0.35 per share payable on July 2.
“The recommended three-for-two stock split reflects the company’s continued confidence in our ability to generate long-term growth in both earnings and cash flow, and would mark the sixth split in the last 35 years,” said Paul Varga, the company’s chief executive officer.