Iron Mountain to Issue 17 Million Shares in Connection with Special Dividend
Iron Mountain to Issue 17 Million Shares in Connection with Special Dividend
BOSTON--(BUSINESS WIRE)-- Iron Mountain Incorporated (NYS: IRM) , today announced that it will issue 17.04 million new shares of its common stock in connection with the payment of the Company's previously announced special dividend of $700 million, or approximately $4.06 per share (the "Special Dividend"). The Special Dividend represents a significant part of the distribution that would eventually be required should the Company successfully convert to a real estate investment trust, or REIT.
The Special Dividend is payable on November 21, 2012 to stockholders of record as of the close of business on October 22, 2012. Stockholders who elected to receive payment of the Special Dividend in cash will receive approximately $1.14 per share of their payment, or 28%, in cash and approximately $2.92 per share, or 72%, in shares of the Company's common stock. All other stockholders will receive 100% of their payment in shares of the Company's common stock. All stockholders will also receive cash in lieu of fractional shares, if any. The number of shares to be issued was determined based upon the average closing price on the three trading days following November 14, 2012, or $32.87 per share.
About Iron Mountain
Iron Mountain Incorporated (NYS: IRM) is a leading provider of information storage and management solutions. The company's real estate network of 64 million square feet across nearly 1,000 facilities in 32 countries allows it to serve customers around the world. And its solutions for records management, data backup and recovery, document management and secure shredding help organizations to lower storage costs, comply with regulations, recover from disaster, and better use their information for business advantage. Founded in 1951, Iron Mountain stores and protects billions of information assets, including business documents, backup tapes, electronic files and medical data. Visit www.ironmountain.com for more information, the content of which is not a part of this press release.
Investor Relations:
Iron Mountain
Stephen P. Golden, 617-535-4799
Vice President, Investor Relations
sgolden@ironmountain.com
KEYWORDS: United States North America Massachusetts
INDUSTRY KEYWORDS:
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