Reverse/Forward Stock Split Approved by Shareholders

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[{"type":"text","content":"\n\n\n\nALPHARETTA, Ga., March 13 /CNW/ -- Neenah Paper, Inc. (NYSE: NP) ("Neenah\nPaper") announced today that the Company's proposed reverse/forward stock\nsplit was approved by shareholders in a special stockholders' meeting held on\nMarch 12. The effective date of the split is March 13, 2008. As previously\nannounced, the reverse/forward split consists 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 to be purchased by\nNeenah Paper at a price based on the average closing price per share on the\nNew York Stock Exchange for the five days preceding the split. Stockholders\nholding 50 or more shares of common stock will continue to hold the same\nnumber of shares after the forward stock split, and will not receive any cash\npayment.\n\n\nAs part of the transaction, Neenah Paper expects to utilize up to $9\nmillion to repurchase shares. The reverse/forward split is expected to result\nin significantly reduced stockholder record keeping and mailing expenses and\nwill provide small stockholders with a cost-effective way to cash out their\ninvestments. Payments to stockholders with less than 50 shares are expected to\nbe mailed within two weeks of the March 13 effective date of the 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),\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 timberlands in Nova Scotia, Canada. Additional\ninformation about Neenah Paper can be found at the company's web site,\nwww.neenah.com.\n\n\nCautionary Note Regarding Forward-Looking Statements\n\n\nCertain statements in this...

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