Business Services Industry
Public Service Company of New Mexico Plans 3-for-2 Stock Split.
Knight Ridder/Tribune Business News, May, 2004
By Diane Velasco, Albuquerque Journal, N.M. Knight Ridder/Tribune Business News
May 19--ALBUQUERQUE, N.M. -- Public Service Company of New Mexico's board of directors approved a 3-for-2 stock split on Tuesday that will boost the amount of company shares available beginning mid-June.
PNM chairman, president and CEO Jeff Sterba told shareholders at the company's annual meeting that the split will lower the per-share price of PNM stock but it will not dilute the stock's value.
PNM said it hopes a lower price will make the stock a more attractive purchase for individual investors, which in turn should create more price stability for the stock.
"This will position us for growth and reduce our level of risk," Sterba said.
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