MONDOVI Marten
Transport, Ltd. will do a three-for-two stock split of the company
common stock, according to a company announcement Monday.
The stock split
will be in the form of a stock dividend payable on June 14 to
stockholders of record as of May 28. Holders of Marten Transport
common stock will receive an additional one-half share for each
outstanding share of common stock held as of the record date,
according to the company. The stock split will increase the number
of outstanding shares of common stock from approximately 22,146,819
to about 33,220,229.
I am pleased to
announce this stock split which reflects our continued strong
financial condition, said Chairman and CEO Randolph L. Marten. The
increased number of outstanding shares should increase trading
activity, or float, in our common stock. This stock split, while
maintaining our current quarterly cash dividend of $0.025 per share,
effectively increases the cash payout to our stockholders by 50
percent.
Marten
Transport, with headquarters in Mondovi, is one of the leading
temperature-sensitive truckload carriers in the United States.
Marten specializes in transporting and distributing food and other
consumer packaged goods that require a temperature-controlled or
insulated environment.
