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Wednesday, November 04, 2009
Environment - More on: "Indiana participates in Dana cleanup with $2 million stock distribution"
An interesting side-note to this Oct. 13th ILB entry - WLKI 100.3 News had this item yesterday, headed "City Council Sets Dana Stocks Parameters For Future Sale":
(ANGOLA) - The Angola City Council decided on Monday night to sell half of the over 262,000 shares of Dana stock the city is getting if the price drops to $4 a share. The city would sell the other half of the shares if the price continued to drop to $3.The state of Indiana will get about $2 million in stock from Dana Corporation to help pay for the clean up of the former Dana-Weatherhead site in Angola.
The Indiana Department of Enviromental Management got about 300,000 shares of stock from the reorganized Dana Corporation. IDEM transfered 50,000 shares to Univertical with the rest going to the city of Angola.
The stock is intended to reimburse the city and Univertical for their contributions towards the enviromental clean up.
The Dana stock price has gone up in recent months thanks to the Wall Street rally after it had been as low as 19 cents a share. It's currently selling at about $5.50.
Angola Mayor Dick Hickman said he was not worried about setting a high end parameter at this time.
Posted by Marcia Oddi on November 4, 2009 08:27 AM
Posted to Environment