Dover-based Chesapeake Utilities Corporation announced that its board has approved a three-for-two stock split of the Company’s outstanding common stock.
The stock split, in the form of a stock dividend entitling each stockholder as of the record date to receive one additional share of common stock for every two shares of common stock owned.
The stock dividend will be issued on September 8 to all stockholders of record at the close of business on August 13.
“The stock split highlights the exceptional value Chesapeake has delivered to stockholders over the long-term as well as the short-term. Our team has identified and executed upon many growth opportunities, which have led to profitable earnings growth, superior dividend growth and increased stockholder value, and we are excited about our prospects for continued growth,” said Michael P. McMasters, CEO of Chesapeake Utilities Corporation. “The decision to split the stock will also make the shares more affordable to current and potential investors and should lead to an increase in the trading volume of our stock.”
The Company’s last stock split was in 1989 when a three-for-two stock split occurred.
Chesapeake is a diversified energy company engaged in natural gas distribution, transmission and marketing; electricity distribution; propane gas distribution and wholesale marketing; advanced information services and other related services.
The company has natural utility operations on Delmarva as well as a portion of Florida. It also operates a small electric utility in Florida. Chesapeake has beneffited from abundant supplies of natural gas in the region from hydraulic fractured wells in Pennsylvania. It is now expanding its gas system in Delaware and other areas including Cecil County, Md.
Information about Chesapeake Utilities Corporation and the Chesapeake family of businesses is available at http://www.chpk.com
