-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Ty/PPqSjx0EwxxG5VjzCRienNgw/aT2Ggz4dE35jUxWKGxxsizoxqPdH+Ep6OGm4 s/cws/5ViHcyAWR7IlMC7w== 0000950137-98-001862.txt : 19980505 0000950137-98-001862.hdr.sgml : 19980505 ACCESSION NUMBER: 0000950137-98-001862 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19980424 ITEM INFORMATION: FILED AS OF DATE: 19980504 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CLARCOR INC CENTRAL INDEX KEY: 0000020740 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLE PARTS & ACCESSORIES [3714] IRS NUMBER: 360922490 STATE OF INCORPORATION: DE FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-11024 FILM NUMBER: 98609094 BUSINESS ADDRESS: STREET 1: 2323 SIXTH ST STREET 2: PO BOX 7007 CITY: ROCKFORD STATE: IL ZIP: 61125 BUSINESS PHONE: 8159628867 MAIL ADDRESS: STREET 1: 2323 SIXTH STREET CITY: ROCKFORD STATE: IL ZIP: 61125 FORMER COMPANY: FORMER CONFORMED NAME: CLARK J L MANUFACTURING CO /DE/ DATE OF NAME CHANGE: 19871001 8-K 1 FORM 8-K DATED 4-24-98 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) APRIL 24, 1998 CLARCOR Inc. ------------ (Exact name of registrant as specified in its charter) Delaware 1-11024 36-0922490 -------- ------- ---------- (State or other (Commission (IRS Employer jurisdiction of File Number) Identification No.) incorporation) 2323 Sixth Street, P.O. Box 7007, Rockford, Illinois 61125 ---------------------------------------------------------- ----- (Address of principal executive offices) (Zip Code) 815-962-8867 ------------ (Registrant's telephone number, including area code) N/A ----------------------------------------------------------- (Former Name or Former Address, if Changed Since Last Report.) 2 Item 5. OTHER EVENTS On April 24, 1998, CLARCOR Inc., a Delaware Corporation, distributed to each holder of CLARCOR Common Stock as of April 10, 1998, the Record Date, a three-for-two stock split in the form of a 50% stock dividend. In connection therewith, a letter to shareholders (the "Letter") was mailed on April 24, 1998 which included notification that each right under the Company's shareholders rights agreement has been proportionately adjusted to reflect the stock split. The Letter is attached herewith as Exhibit 1 and is incorporated herein by reference. A Notice of Adjustment of Rights is attached herewith as Exhibit 2 and is incorporated herein by reference. Signatures Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. CLARCOR Inc. ------------ (Registrant) April 27, 1998 By /s/ Lawrence E. Gloyd ------------------------- Lawrence E. Gloyd Chairman of the Board & Chief Executive Officer EX-99.1 2 DEAR SHAREHOLDER LETTER 1 [LETTERHEAD OF CLARCOR] EXHIBIT 1 April 24, 1998 Dear Shareholder: On March 24, 1998, CLARCOR's Board of Directors declared a three-for-two stock split in the form of a 50% stock dividend payable on April 24, 1998, to holders of record April 10, 1998. The Board also declared a cash dividend of $0.165 per common share on a pre-split basis, which is equivalent to $0.11 per share on a post-split basis, payable on April 24, 1998, to holders of record April 10, 1998. NEW CERTIFICATE. The enclosed stock certificate represents your additional shares resulting from the three-for-two stock split. Your CLARCOR stockholdings have been increased by one additional share for each two shares held of record at the close of business on April 10, 1998. CHECK FOR FRACTIONAL SHARES. The stock split is being distributed in full shares only. Therefore, if the number of shares you owned on the record date was not an even number, you are entitled to a fractional interest representing half a share. The price quoted by the New York Stock Exchange for CLARCOR Common Stock was $33.875 per share, pre-split, at the close of business on April 9, 1998, the day before the Record Date which was a holiday for the New York Stock Exchange. Based on that price, the post-split price of one share would be $22.59. If your share holdings on the record date were not exactly divisible by two, you will receive a check under a separate mailing for $11.30 representing your fractional interest. OLD CERTIFICATE. Your "old" CLARCOR certificate(s) are still valid. Do not destroy them and do not send them to the Company or to the Transfer Agent. The number of shares represented by each "old" certificate remains the same as shown on the face of the certificate. DIVIDEND REINVESTMENT PLAN. Those shareholders participating in CLARCOR's dividend reinvestment plan will receive notice of the number of stock split shares allocated to their accounts in the next dividend reinvestment plan statement. SHAREHOLDER RIGHTS PLAN. Each right under the Company's shareholder rights plan has been proportionately adjusted to reflect the stock split. CHANGE OF ADDRESS. If you need to change your address as shown on our records, please notify First Chicago Trust Company of New York, General Shareholder Correspondence, P.O. Box 2500, Jersey City, NJ 07303-2500. TAX INFORMATION. In the opinion of counsel for the Company, you are not subject to federal income tax by reason of the receipt of the stock dividend shares. Your cost basis of the shares with respect to which the stock dividend shares were distributed should be prorated between the old shares and the stock dividend shares. If you are receiving a cash payment in lieu of a fractional share, this amount should be included in your 1998 income tax return. Early in 1999 you should receive Form 1099-DIV which will advise you of all dividend income paid to you by the Company during calendar year 1998 including the amount of the cash payment in lieu of a fractional share. YOU ARE ADVISED TO CONSULT YOUR OWN TAX ADVISOR REGARDING THE FEDERAL, STATE, LOCAL AND FOREIGN TAX CONSEQUENCES OF THE RECEIPT BY YOU OF THE THREE-FOR-TWO STOCK SPLIT IN THE FORM OF A 50% STOCK DIVIDEND. We are very pleased to be able to deliver to you this stock split, and want to thank you for your continued support. Sincerely, /s/ Lawrence E. Gloyd Lawrence E. Gloyd Chairman of the Board and Chief Executive Officer Enclosure EX-99.2 3 NOTICE OF ADJUSTMENT OF RIGHTS 1 EXHIBIT 2 NOTICE OF ADJUSTMENT OF RIGHTS Under the terms of the Stockholders Rights Agreement (the "Agreement") adopted by the Company's Board of Directors in March 1996, each outstanding share of the Company's Common Stock is accompanied by a Preferred Stock Purchase Right (a "Right"). Prior to the stock split effected April 24, 1998, each Right entitled a holder to buy one one-hundredth (.01) of a share of Series B Junior Participating Preferred Stock of CLARCOR (the "Preferred Stock") at a price (the "Exercise Price") of $80 subject to adjustment upon a stock split. Following the stock split, each Right (whether such Right is associated with "old" CLARCOR certificates or with new certificates issued in connection with the split) entitles the holder to purchase .67 of one-hundredth (.0067) of a share of Preferred Stock, at an Exercise Price of $53.33. The Rights are exercisable only if (i) an individual or group announces a tender offer or intentions to commence a tender offer for 15% or more of CLARCOR's outstanding common stock; or (ii) an individual or group actually acquired 15% or more of CLARCOR's outstanding common stock. The Rights expire on April 25, 2006. Distribution of the additional Rights resulting from the stock split do not constitute taxable income for federal income tax purposes. The foregoing description is qualified in its entirety by reference to the Stockholders Rights Agreement between the Company and First Chicago Trust Company of New York dated as of March 28, 1996 which was filed on Form 8-K, dated April 3, 1996. -----END PRIVACY-ENHANCED MESSAGE-----