Brown-Forman Corporation (NYSE:BFA) (NYSE:BFB) announced today at the company’s regular annual meeting of stockholders that its shareholders approved an amendment to the corporation’s charter to increase the number of authorized shares of Class A common stock to 85 million and Class B common stock to 400 million. The authorization of additional shares enables the previously approved three-for-two stock split for both its Class A and Class B common stock to be paid in the form of a stock dividend.
Stockholders of record as of the close of business on August 3, 2012, will receive one additional share of stock for every two shares of stock held for each respective class of stock with the distribution of the additional shares to occur on August 10, 2012. The share price will be adjusted accordingly on the New York Stock Exchange for trading beginning on August 13, 2012.
Brown-Forman shareholders also re-elected the following individuals to the Brown-Forman Board of Directors: Joan C. Lordi Amble; Patrick Bousquet-Chavanne; Geo. Garvin Brown IV; Martin S. Brown, Jr.; Bruce L. Byrnes; John D. Cook; Sandra A. Frazier; William E. Mitchell; Dace Brown Stubbs; Paul C. Varga; and James S. Welch, Jr.
In remarks to shareholders during the meeting, Brown-Forman Board Chairman Geo. Garvin Brown IV said, “Brown-Forman is well positioned for long-term growth and endurance, as evidenced by the evolution of the board, the strength of the management team, and especially the support of our company’s long-term shareholders.”
Brown also thanked retiring director Richard P. Mayer for his 18 years of exemplary service to Brown-Forman.
Paul Varga, chairman and CEO, discussed the company's strong and accelerating performance in fiscal 2012, led by the Jack Daniel's trademark across a diverse set of markets globally, and expressed enthusiasm for the company's future growth prospects. "I am encouraged by the growth trends in North American Whiskey and the increasing role our premium and super-premium brands are playing in it. We see excellent potential in this dynamic and attractive global category."