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| EBIX > SEC Filings for EBIX > Form 8-K on 13-Oct-2009 | All Recent SEC Filings |
13-Oct-2009
Other Events
On October 12, 2009 Ebix, Inc. ("Ebix" or the "Company"), (NASDAQ: EBIX), announced that on October 10, 2009 its board of directors unamoiusly approved a three-for-one split (the "Stock Split") of the Company's common stock. The Company expects that the record date for the Stock Split will be on or about November 30, 2009, and that trading on a split-adjusted basis will begin on or about December 10, 2009. As a result of the Stock Split, each shareholder of record on the record date will receive two additional shares of common stock for each share held. Each shareholder's percentage of ownership and proportional voting power remains unchanged after the Stock Split. A copy of the press release announcing the Stock Split is attached to this Form 8-K as exhibit 99.1.
The Company presently does not have a sufficient number of authorized shares of common stock necessary to facilite the Stock Split. In this regard on October 10, 2009 Ebix's board of directors unamoiusly approved increasing the number of authorized shares of common stock (par value $0.10) from 20 million to 60 million shares. Management and the board believe that in addition to the Stock Split, 60 million authorized shares of common stock will be adequate to facilitate possible future capitalization needs of the Company. An increase in a corporation's authorized number of common shares must be put to a vote of the Company's shareholders. Therefore, the Company will hold a special meeting of the shareholders for this purpose and anticipates that this meeting will be conducted during the last week in November.
Item 9.01: Exhibits
99.1 Press Release, dated October 12, 2009, as issued by Ebix, Inc. (re: the Stock Split)
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