Astronics Announces 15% Class B Stock Distribution
27 September 2016 - 6:15AM
Astronics Corporation (NASDAQ:ATRO), a leading supplier of advanced
technologies and products to the global aerospace, defense, and
semiconductor industries, announced a 15% stock distribution of
Class B Stock to holders of both Common and Class B Stock.
Stockholders will receive three shares of Class B Stock for every
twenty shares of Common and Class B Stock held on the record date
of October 11, 2016, with an ex-dividend date of October 6,
2016. The Company expects the new shares to be distributed on
or about October 18, 2016. Fractional shares will be paid in
cash.
Astronics initially distributed shares of Class B Stock to
Common and Class B stockholders in 1987, and has made distributions
of Class B shares in each of the previous five years. After
the distribution, approximately 19.4 million Common and 9.5 million
Class B shares are expected to be outstanding.
Astronics Class B Stock is entitled to ten votes per share while
Common Stock is entitled to one vote per share. The economic
value of one share of Class B Stock is equivalent to one share of
Common Stock. Class B Stock is not a tradable security, but
is convertible, at all times and without cost to the shareholder,
into one share of Astronics Corporation Common Stock, which is
tradable and provides shareholders of Class B Stock access to the
market. Subject to certain exceptions, shares of Astronics
Class B Stock automatically convert into an equal number of shares
of Common Stock upon transfer.
Information regarding the Class B share distribution and
instructions to convert Class B stock into Common stock can be
found in the Frequently Asked Questions page of the Investor
Relations section at www.astronics.com. Registered
shareholders and brokers should contact the Company’s transfer
agent, Wells Fargo Shareowner Services at (800) 468-9716, regarding
the conversion of Class B Stock to Common Stock. Wells Fargo
is the agent for the distribution.
About Astronics Corporation
Astronics Corporation is a leading supplier of advanced
technologies and products to the global aerospace, defense and
semiconductor industries. Astronics’ products and services
include advanced, high-performance electrical power generation,
distribution and motion systems, lighting and safety systems,
avionics products, aircraft structures, systems certification and
automated test systems. Astronics’ strategy is to increase
its value by developing technologies and capabilities, either
internally or through acquisition, and using those capabilities to
provide innovative solutions to its targeted markets and other
markets where its technology can be beneficial. Through its
wholly-owned subsidiaries, Astronics has a reputation for
high-quality designs, exceptional responsiveness, strong brand
recognition and best-in-class manufacturing practices. The
Company routinely posts news and other important information on its
website at www.astronics.com.
For more information on Astronics and its products,
visit its website at www.astronics.com.
Safe Harbor StatementThis news release contains
forward-looking statements as defined by the Securities Exchange
Act of 1934. One can identify these forward-looking statements by
the use of the words “expect,” “anticipate,” “plan,” “may,” “will,”
“estimate” or other similar expressions. Because such
statements apply to future events, they are subject to risks and
uncertainties that could cause actual results to differ materially
from those contemplated by the statements. Important factors
that could cause actual results to differ materially from what may
be stated here include the state of the aerospace, defense,
consumer electronics and semiconductor industries, the market
acceptance of newly developed products, internal production
capabilities, the timing of orders received, the status of customer
certification processes and delivery schedules, the demand for and
market acceptance of new or existing aircraft which contain the
Company’s products, the need for new and advanced test and
simulation equipment, customer preferences and other factors which
are described in filings by Astronics with the Securities and
Exchange Commission. The Company assumes no obligation to
update forward-looking information in this news release whether to
reflect changed assumptions, the occurrence of unanticipated events
or changes in future operating results, financial conditions or
prospects, or otherwise.
For more information contact:
Company:
David C. Burney, Chief Financial Officer
Phone: (716) 805-1599, ext. 159
Email: david.burney@astronics.com
Investor Relations:
Deborah K. Pawlowski, Kei Advisors LLC
Phone: (716) 843-3908
Email: dpawlowski@keiadvisors.com
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