Investors Title Declares Quarterly Cash Dividend and Adopts Shareholder Rights Plan
November 18, 2002
CHAPEL HILL, N.C., Nov. 15 /PRNewswire-FirstCall/ -- The Board Of Directors of Investors Title Company (Nasdaq: ITIC) has declared a cash dividend of $.03 per share to shareholders of record December 2, 2002, payable December 16, 2002.
Additionally, J. Allen Fine, Chairman, announced that the Board of Directors has adopted a Shareholder Rights Plan designed to protect the company and its shareholders against abusive takeover tactics. Similar to plans adopted by more than 2,500 other U.S. corporations, the plan would dilute company common stock acquired by a person or group buying 15% or more of the company's common stock, except in transactions approved by the Board of Directors. If the 15% threshold is crossed, dilution would occur because the plan gives shareholders, other than the acquirer of 15% or more of the company's common stock, the right to buy two shares of company stock for the price of one or the ability to exchange each right for a newly issued share of company stock. A letter summar
Source: Investors Title Company