HP Board Authorizes Additional $8 Billion for Share Repurchases, Declares Regular Dividend
Share:
Company also amends bylaws, sets annual meeting and record dates
PALO ALTO, Calif., Nov. 19, 2007 - HP today announced that its board of directors
has approved the authorization of an additional $8 billion for share repurchases.
The company intends to use the authorization as part of its ongoing program to manage
the dilution created by shares issued under employee stock plans, as well as to
repurchase shares opportunistically.
The HP board also declared a regular cash dividend of 8 cents per share on the
company's common stock. The dividend, the first in HP's fiscal year 2008, is payable on
Jan. 2, 2008, to stockholders of record as of the close of business on Dec. 12, 2007.
HP has approximately 2.6 billion shares of common stock outstanding.
The HP board also approved an amendment to the company's bylaws regarding special
meetings of HP stockholders. The amendment permits holders of at least 25 percent of
HP's outstanding shares to cause a special meeting to be held, unless the HP board
determines that the business to be conducted at the meeting will be included in an
upcoming annual meeting of HP stockholders. Previously, HP stockholders were not
empowered to cause a special meeting to be held unless the entire HP board became
vacant.
In addition, HP established a record date for its 2008 annual meeting of stockholders.
HP stockholders of record at the close of business on Jan. 22, 2008, will be entitled to notice of the annual meeting and to vote upon matters considered at the meeting. The
annual meeting will be held at the Seaport World Trade Center in Boston on March 19,
2008.
HP will make available to all stockholders of record important information about the
meeting and the matters to be considered. Stockholders are urged to review that
information when it becomes available.
About HP
HP focuses on simplifying technology experiences for all of its customers - from
individual consumers to the largest businesses. With a portfolio that spans printing,
personal computing, software, services and IT infrastructure, HP is among the world's
largest IT companies, with revenue totaling $104.3 billion for the four fiscal quarters
ended Oct. 31, 2007. More information about HP (NYSE: HPQ) is available at
www.hp.com.
More news from HP, including links to RSS feeds, is available at
www.hp.com/hpinfo/newsroom/.
