The board of directors of St. Louis-based owner and franchiser of bakery-cafes, Panera Bread Co, has approved a 2-for-1 stock split that will be distributed in the form of a stock dividend subject to shareholder approval to increase the authorized number of Class A and Class B shares.
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The shareholder vote will be in conjunction with the company’s annual meeting to be held on 6 June 2002. If the shareholders approve the authorization of additional shares, the stock dividend will distributed to the shareholders of record as of the close of business on 10 June 2002, with a payable date of 24 June 2002.
Ron Shaich, chairman and CEO, commented: “This stock split is another indication of our confidence in our future results driven by the consumers’ strong positive reaction to our concept across the country. We continue to believe that we are in the early stages of growth for our concept.”
