Leading manufacturer of industrial protective clothing Lakeland Industries In announced that it would award a 10 percent dividend in common stock.
The measure is expected to further broaden Lakeland's shareholder base by making the stock more affordable for individual investors by making it easier for them to purchase stock in round lots.
This dividend will further increase the number of shares issued and outstanding, which management believes will aid in increased liquidity and trading volume. The Record Date for the above announced stock dividend will be August 1, 2006. The payable date for the dividend will be September 1, 2006. Therefore, the Ex-Dividend date should be set by NASDAQ on July 29, 2006; with one (1) share issued for every 10 shares held by a stockholder on the ex-dividend date. Any fractional shares will be half adjusted.
To illustrate, if the closing price of Lakeland's stock is $16 per share on September 1, 2006, the opening price on September 5, 2006 will be approximately $14.40. While the dividend will increase the number of shares owned by 10 percent, the price per share will be reduced by approximately 10 percent, immediately after the payable date. Of course, market factors will influence the price before and after the dividend is payable.
Lakeland is among one of the leading companies designing and manufacturing protective garments for industry, municipalities, and the burgeoning homeland security field.
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