Safeguard Scientifics Inc (SFES)

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News for 'SFE' - (BRIEF: Safeguard Scientifics' 1:6 stock split effective Aug.)


Aug 11, 2009 (The Philadelphia Inquirer - McClatchy-Tribune Information
Services via COMTEX) -- Safeguard Scientifics Inc. said today that its 1:6
reverse split of common stock will take effect Aug. 27.

The reverse split, which shareholders approved in July, will reduce the number
of shares of outstanding common stock from about 122.3 million to about 20.4
million.

The price has ranged from 34 cents to $1.99 in the last 52 weeks, and shares
were trading at $1.77, down 10 cents, shortly after trading opened this morning.

The Wayne-based venture-capital firm, which has 18 life sciences and technology
companies in the growth stage, said the split was designed to make the stock
more appealing to institutional investors, as well as decrease transaction
costs.

The holding company decreased annual operating expenses by 19 percent last year,
and cut 8 percent more through June2009, said Peter J. Boni, Safeguard president
and chief executive.

He added that the company continues to look for opportunities to repurchase
senior convertible debentures at discounts, and aims to be free of its $86
million in debt by the first quarter of 2011.