Three-for-one Split of Class H Stock
General Motors Corp
7 June 2000
Letter dated Tuesday, June 6, 2000
Contact: Catherine Dunsby
(212) 418-6385
GM ANNOUNCES THREE-FOR-ONE SPLIT OF CLASS H STOCK
WILMINGTON, Del. - The General Motors Corp. (NYSE: GM, GMH) Board of
Directors today declared a three-for-one stock split of GM Class H common
stock. The stock split will be in the form of a 200 percent stock
dividend, payable on June 30, 2000 to GM Class H stockholders of record
on June 13, 2000.
'The split will make the Class H stock substantially more liquid and
accessible to a broader range of investors,' said General Motors
Chairman John F. Smith, Jr. 'We believe that the appreciation in the
value of the Class H stock has made this the right course of action.'
The board's announcement follows stockholder approval, received at this
morning's GM annual stockholders' meeting, of a management proposal to
increase the number of authorized shares of GM Class H common stock from
600 million shares to 3.6 billion shares. An amendment to GM's
certificate of incorporation implementing the increase was filed today.
GM announced, in February 2000, a broad restructuring of its economic
interest in Hughes in order for GM and its stockholders to realize more
of the economic value of Hughes. General Motors repurchased about 14
percent of its outstanding GM $1-2/3 par value common stock using
approximately $9 billion of GM Class H common stock through a successful
exchange offer completed in May 2000. During the second quarter of 2000,
GM also plans to contribute up to $7 billion of Class H stock to certain
of its employee benefit plans.
GM's Class H stock is a tracking stock designed to provide holders with
financial returns based on the financial performance of Hughes
Electronics Corporation, a wholly owned subsidiary of General Motors.
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