June 9, 2000 David R. Palmer
Greenville, South Carolina (864) 232-8301
DELTA WOODSIDE ANNOUNCES RECORD DATE AND
DISTRIBUTION DATE FOR SPIN-OFF OF APPAREL BUSINESSES
Delta Woodside Industries, Inc. (NYSE-DLW) announced today that its Board
of Directors has declared a dividend in the form of a pro rata distribution to
holders of Delta Woodside common stock of all the outstanding shares of the
common stock of Delta Apparel, Inc., a Georgia corporation ("Delta Apparel"),
and all of the outstanding shares of the common stock of Duck Head Apparel
Company, Inc., a Georgia corporation ("Duck Head"). The record date for the
distribution will be June 19, 2000, and the distribution date will be June 30,
2000. In the distribution, each Delta Woodside shareholder will receive one
Delta Apparel share and one Duck Head share for every ten shares of Delta
Woodside common stock owned of record on June 19, 2000 (with cash to be paid in
lieu of any fractional share). Each of Delta Apparel and Duck Head is currently
a wholly-owned subsidiary of Delta Woodside. The dividend will effect the
previously announced plan to spin off to the Delta Woodside stockholders Delta
Woodside's two apparel businesses (Delta Apparel Company and Duck Head Apparel
Company) as two separate publicly-owned corporations.
Each of Delta Apparel and Duck Head has been accepted for listing on the
American Stock Exchange or AMEX. The AMEX trading symbol for Delta Apparel's
common stock will be DLA. The AMEX trading symbol for Duck Head's common stock
will be DHA. At this time, Delta Woodside expects that trading in shares of
Delta Apparel common stock and shares of Duck Head common stock will begin on or
about June 30, 2000.
Delta Woodside expects that, beginning on June 15, 2000 (the date that is
two trading days before the record date) and continuing through June 30, 2000
(the distribution date), Delta Woodside's common stock will trade with "due
bills" attached. The due bills will represent the right to receive the Delta
Apparel common stock and the Duck Head common stock to be distributed with
respect to the Delta Woodside common stock in the spin-off. Delta Woodside
understands that the due bills will not be separately tradable from the
underlying Delta Woodside common stock. Thus, if a shareholder sells Delta
Woodside common stock between June 15, 2000 and June 30, 2000, the shareholder
will also be selling the attached due bill and will thereby lose the right to
receive the Delta Apparel common stock and Duck Head common stock represented by
the due bill.
Delta Woodside Industries, Inc., headquartered in Greenville, South
Carolina, manufactures and sells a wide variety of textile and apparel products.
The Company, including continuing and discontinued operations, employs about
5,000 people, operates 15 plants and 24 garment outlet stores. These facilities
are located in 12 states, Costa Rica and Honduras.
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