Waterloo, ON - 2003-10-08 - Open Text Corporation (Nasdaq: OTEX, TSX: OTC) announced that its Board of Directors today declared a 100 per cent stock dividend, which will double the number of the company's outstanding common shares, and effectively achieving a two-for-one split of Open Text's outstanding common shares. Open Text currently has approximately 19.3 million shares of common stock outstanding. After the split, there will be approximately 38.6 million shares outstanding.
Open Text's common shares are expected to commence trading on a post-stock dividend basis on October 29, 2003 on the Nasdaq National Market. Investors trading common shares of Open Text through the facilities of the Toronto Stock Exchange may be subject to trading on a post-stock dividend basis on a different date. For further information, please refer to Open Text's corporate Website at www.opentext.com/investor/faq_stock_split.html.
Share certificates representing the stock dividend will be mailed to registered shareholders on or after October 28, 2003, to shareholders of record as of the close of business on October 22, 2003. Existing share certificates should be retained by holders and not be returned to the transfer agent, Computershare Trust Company of Canada.
The company is ascribing essentially no monetary value to the stock dividend. Accordingly, there will be no Canadian or U.S. tax payable by shareholders in respect of the dividend. For additional information, shareholders are advised to contact their tax adviser.
The change to the number of shares will be reported in results starting with Q2 of fiscal 2004 (quarter ended December 31, 2003).
Anne Marie Rahm
Director, Investor Relations
Open Text Corporation
+1-617-204-3359
arahm@opentext.com
Richard Maganini
Open Text Corporation
1-847-961-0662
rmaganin@opentext.com
Greg Secord
Open Text Corporation
+1-519-888-7111 ext.2408
gsecord@opentext.com