If you want to increase your total number of Saga common stock shares next month, all you have to do is have some Saga common stock shares. That will be thanks to a three-for-four split announced by the broadcast group’s board of directors.
One share of Class A stock will be distributed for every three shares held, and the same will hold for Class B stock. Fractionals will be paid out in cash.
The distribution will be made to shareholders of record as of 12/28/12 and will take effect 1/16/13.
Saga owns or operates broadcast properties in 26 markets, including 61 FM and 30 AM radio stations, 3 state radio networks, 2 farm radio networks, 5 television stations and 4 low-power television stations.
Wells Fargo analyst Marci Ryvicker said of the split, “We estimate the diluted share count moves to roughly 5.67MM shares. SGA averaged 4.252MM diluted shares outstanding in Q3 2012 – based on the Q3 share count, we believe the new amount of shares outstanding post the split may be roughly 5.67MM shares.”
Wells Fargo rates Saga at Market Perform.
