Neenah Paper Announces Special Shareholders' Meeting on March 12 to Approve Reverse/Forward Stock Split

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[{"type":"text","content":"\n\n\n\nALPHARETTA, Ga., Feb. 15 /CNW/ -- Neenah Paper, Inc. (NYSE: NP) ("Neenah\nPaper") announced today that the company will hold a special stockholders'\nmeeting on March 12 to approve a reverse/forward stock split. As previously\nannounced, the record date for the meeting was February 6, 2008. The effective\ndate of the reverse/forward split is expected to be March 13, 2008. A proxy\nstatement is being mailed to all stockholders regarding this proposal. All\nstockholders are advised to carefully read the proxy statement as such\ndocument will contain important information about the upcoming special meeting\nand the proposed reverse/forward stock split.\n\n\nThe reverse/forward split will consist of a 1-for-50 reverse split of\ncommon stock followed immediately by a 50-for-1 forward split of the common\nstock. Holdings of stockholders with less than 50 shares of common stock prior\nto the split would be converted into fractional shares, which will be\npurchased by Neenah Paper at a price based on the average closing price per\nshare on the New York Stock Exchange for the five days preceding the split. As\npart of the transaction, Neenah Paper expects to utilize up to $9 million to\nrepurchase shares. Stockholders holding 50 or more shares of common stock\nwill continue to hold the same number of shares after the forward stock split,\nand will not receive any cash payment. The reverse/forward split is expected\nto result in significantly reduced stockholder record keeping and mailing\nexpenses and will provide small stockholders with a cost-effective way to cash\nout their investments.\n\n\nAbout Neenah Paper, Inc.\n\n\nNeenah Paper is a leading global manufacturer of premium, performance-\nbased papers and specialty products used in a variety of applications\nincluding filtration, printing and writing, and as backing and component\nmaterials for many specialized industrial and consumer applications. Products\nare marketed under well-known brands such as CLASSIC(R), ENVIRONMENT(R),\nSTARWHITE(R), Gessner(R), JET-PRO(R) SofStretch(TM) and varitess(R). The\ncompany also produces and sells bleached pulp, primarily for use in the\nmanufacture of tissue and printing papers. Based in Alpharetta, Georgia, the\ncompany has paper manufacturing operations in the United States and Germany\nand a pulp mill and related timberlan...

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