The board of directors of Ashland Inc declared a special cash dividend of $10.20 per share that will be payable on October 25, 2006, to shareholders of record as of October 10, 2006. The specific consequences of stock trades made in the period between the record and payable dates are detailed later in this release.
The Ashland board also authorized the repurchase of up to an additional 7 million shares of the company's common stock, to be made from time to time in the open market.
Repurchases under this new authorization may also be made under a rule 10b5-1 stock trading plan, which permits the company to repurchase stock during "blackout" periods.
On June 30, 2005, Ashland made certain representations of intent to the Internal Revenue Service with respect to stock repurchases as part of the transfer of Ashland's interest in Marathon Ashland Petroleum LLC to Marathon Oil Corporation.
The actions taken by Ashland's board today are consistent with those representations. Following the completion of the newly announced share repurchase program, Ashland will have purchased almost 20 percent of the shares outstanding on June 30, 2005.
"This special dividend and additional share repurchase authorization demonstrate Ashland's commitment to building value for our shareholders," said James J. O'Brien, Ashland chairman and chief executive officer. "Perhaps more important, we expect to drive shareholder value by managing our businesses for growth and improved efficiency, while carefully examining the landscape for acquisitions."
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