Vignette to split 2-for-1
Published: 04 Nov 1999 15:24 GMT
Vignette announced Thursday a two-for-one split as it continues to see blue sky following a strong third quarter.
Shares in the company that makes e-relationship software products and services closed Wednesday at 173, after being pushed to new highs by October's earnings report.
Bullish reports issued after Vignette's third quarter hailed the company as an emerging market leader in the interactive marketing services sector. The company's stronger-than-expected revenue, underscored by widening net losses which should "give the company room to build out the necessary infrastructure to support its hyper growth," according to a report from C.E. Unterberg Towbin. Analyst Tara Long reiterated a "strong buy" rating and raised revenue estimates for the company following its quarterly report.
Vignette's board of directors has approved the split, to be effected in the form of a stock dividend. It will entitle each stockholder of record at the close of business on November 15 to receive one share for every outstanding share of common stock held on the record date. The stock dividends resulting from the split are expected to be distributed by the transfer agent on December 1, 1999. The stock will begin trading on a split-adjusted basis on December 2, 1999.
Vignette's customers include First Union National Bank, U S West, National Semiconductor, DaimlerChrysler, Nokia, Qualcomm and Bertelsmann.
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