Magic Shareholders to Approve Proposed Stock Split
Magic Software Enterprises, an e-commerce and business solutions provider, announced today that its Board of Directors has approved, subject to shareholder approval, a three-for-one split of the Company’s common stock. The proposed split would increase the number of shares outstanding of Magic from approximately 8.5 million shares as of November 30, 1999, to approximately 25 million shares.
The Board also authorized a special meeting of shareholders for the purposes of approving the stock split and the proposed share increase. The special shareholders’ meeting is expected to be held on or about January 24th, 2000. If the shareholders approve the stock split and the proposed increase in the share capital, the stock split will be implemented as soon as practicable following the special meeting.
"The proposed stock split is designed to help broaden the distribution and enhance the marketability of Magic’s common stock, enabling more investors to share in the promising growth of our company," says Jack Dunietz, Chief Executive Officer of Magic.
For more information, visit Magic’s Web site at www.magic-sw.com.