Neenah Paper Board Approves Reverse-Forward Stock Split

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[{"type":"text","content":"\n\n\n\nALPHARETTA, Ga., Jan. 31 /CNW/ -- Neenah Paper, Inc. (NYSE: NP) ("Neenah\nPaper") announced today that its Board of Directors approved a reverse/forward\nsplit of the issued and outstanding shares of Neenah Paper common stock. If\napproved by Neenah Paper stockholders, the reverse/forward split will consist\nof a 1-for-50 reverse split of common stock followed immediately by a 50-for-1\nforward split of the common stock. Holdings of stockholders with less than 50\nshares of common stock prior to the split would be converted into fractional\nshares, which will be purchased by Neenah Paper at a price based on the\naverage closing price per share on the New York Stock Exchange for the five\ndays preceding the split. As part of the transaction, Neenah Paper expects to\nutilize up to $9 million to repurchase shares. Stockholders holding 50 or\nmore shares of common stock will continue to hold the same number of shares\nafter the forward stock split, and will not receive any cash payment. The\nreverse/forward split is expected to result in significantly reduced\nstockholder record keeping and mailing expenses and will provide small\nstockholders with a cost-effective way to cash out their investments.\n\n\nStockholders will be asked to approve the transaction at a special\nstockholders' meeting expected to be held on March 5, 2008. If approved, the\ntransaction would be completed shortly thereafter. The record date for the\nspecial stockholders' meeting is February 6, 2008. Neenah Paper has filed a\npreliminary proxy statement containing details regarding the reverse/forward\nsplit proposal with the Securities and Exchange Commission and will mail a\ndefinitive proxy statement regarding this proposal to its stockholders. 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\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),\...

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