DEERFIELD, Ill., Oct. 15 /PRNewswire/ -- Fort James Corporation today
announced that it will conduct an odd-lot share repurchase program. This
program will enable Fort James shareholders with less than 100 shares of
common stock as of October 16, 1998, to voluntarily sell their shares in the
open market and avoid brokerage commissions. Fort James is offering the
program to save annual shareholder servicing and administrative costs. The
program will alternatively allow shareholders to purchase enough additional
shares to increase their holdings to 100 shares.
Shareholders electing to sell their shares in the program will receive
proceeds based on a weighted average sales price. This price will be
calculated by dividing the total proceeds collected from all sales by the
total number of shares sold under the program. A processing fee of 75 cents
per share will be charged to participating shareholders to defray the costs of
this program.
Fort James expects to mail offering materials for the program to eligible
shareholders in late October. Shareholder Communications Corporation will
manage the program, which is tentatively set to expire five weeks after the
mailing date, unless extended by Fort James. Questions should be directed to
Timothy Marshall at Shareholder Communications, at (212) 805-7000.
Fort James is a leading international consumer products company, serving
consumers both at home and away-from-home with bathroom and facial tissue,
paper towels, napkins, and cups and plates. The company's popular brands
include Quilted Northern, Brawny, Dixie, Vanity Fair, Mardi Gras, Green
Forest, Soft 'N Gentle and So-Dri in North America and Lotus, Tenderly,
Colhogar and Kittensoft in Europe. Fort James also produces folding cartons
for packaging food and pharmaceuticals and communications papers such as
printing, publishing and office copy paper. With annual sales of $7.3
billion, the company has approximately 28,000 employees and more than 60
manufacturing facilities in the U.S., Canada and 15 other countries around the
world.
Copies of today's news release, along with additional information on Fort
James, is available, at no charge, by calling 888-526 3711. You may also
access the company's Web site at Internet address http://www.fortjames.com.
SOURCE Fort James Corporation
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Related links:
http://www.fortjames.com
Company News On-Call:
http://www.prnewswire.com/comp/457350.html or fax,
800-758-5804, ext. 457350
CONTACT:
Celeste Gunter, Financial, of Fort James,
804-649-4307; or Mark Lindley, Media, 847-317-5280, for Fort
James
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