Open Text Corporation's Board of Directors has declared a 100% stock dividend, which will double the number of the company's outstanding common shares, and effectively achieve a two-for-one split of Open Text's outstanding common shares. Open Text currently has approximately 19.3 million shares of common stock outstanding. After the split, there will be approximately 38.6 million shares outstanding.
Open Text's common shares are expected to commence trading on a post-stock dividend basis on October 29, 2003 on the Nasdaq National Market. Investors trading common shares of Open Text through the facilities of the Toronto Stock Exchange may be subject to trading on a post-stock dividend basis on a different date
Share certificates representing the stock dividend will be mailed to registered shareholders on or after October 28, 2003, to shareholders of record as of the close of business on October 22, 2003. Existing share certificates should be retained by holders and not be returned to the transfer agent, Computershare Trust Company of Canada.
The company is ascribing essentially no monetary value to the stock dividend. Accordingly, there will be no Canadian or U.S. tax payable by shareholders in respect of the dividend. For additional information, shareholders are advised to contact their tax adviser. The change to the number of shares will be reported in results starting with Q2 of fiscal 2004 (quarter ended December 31, 2003).