UltraBull ProFund and UltraOTC ProFund to Declare Four for One Share Split
Bethesda, MD, July 13, 1999 - ProFunds announced Tuesday that UltraBull ProFund and UltraOTC ProFund will perform a four for one share split at the close of business on Friday, July 16, 1999.
"The split will have no financial impact or tax consequences to the individual shareholders' account, nor will there be any change to the total net assets of the ProFunds' involved," says Michael Sapir, chairman of ProFunds. "At the close of business on Friday, July 16, 1999, each shareholder's share position will be multiplied by four and the corresponding price of the affected ProFunds' shares will be adjusted downward by a factor of four."
"For example," Sapir adds, "assume a shareholder owns 100 shares of UltraBull ProFund and the net asset value of a share was $100 per share before the split and therefore holds a $10,000 stake in the ProFund. After the split, those 100 shares will become 400 shares and the value of each share will go from $100 to $25, but the value of the shareholders' holdings in the ProFund will still be $10,000."
"The split was considered after receiving numerous calls from shareholders who were hoping to see the share price of their respective ProFunds more in line with industry averages," states Sapir. "The net asset values of most mutual funds are under $30 per share."
On Monday, July 12, 1999, the net asset value of shares of UltraBull ProFund and UltraOTC ProFund were:
- UltraBull ProFund Investor Shares (ULPIX) - $90.49
- UltraBull ProFund Service Shares (ULPSX) - $89.23
- UltraOTC ProFund Investor Shares (UOPIX) - $178.63
- UltraOTC ProFund Service Shares (UOPSX) - $176.78
Shareholders or other persons with questions regarding the share splits of UltraBull ProFund and UltraOTC ProFund should contact ProFunds' shareholder services at 1-888-776-3637 Monday through Friday between 8:00 AM and 9:00 PM Eastern Time.