SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) April 6, 1998
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Pilgrim America Capital Corporation
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(Exact name of registrant as specified in its charter)
Delaware 0-19799 86-0670679
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
40 North Central Avenue, Suite 1250, Phoenix, Arizona 85004
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (602) 417-8100
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N/A
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(Former name or former address, if changed since last report.)
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Item 1. Changes in Control of Registrant.
N/A
Item 2. Acquisition or Disposition of Assets.
N/A
Item 3. Bankruptcy or Receivership.
N/A
Item 4. Changes in Registrant's Certifying Accountants.
N/A
Item 5. Other Events.
On April 7, 1998, Pilgrim America Capital Corporation (the
"Company") announced that its Board of Directors had approved a 3-for-2 stock
split to be effected in the form of 50% stock dividend (the "Dividend"). The
Dividend will be paid to holders of record of the Company's common stock on
April 20, 1998 (the "Record Date"). Pursuant to the Dividend, holders of the
Company's common stock will receive one additional share of common stock for
each two shares of common stock held on the Record Date. No fractional shares
will be issued in connection with the Dividend, and holders of any fractional
shares resulting from the Dividend will be paid cash based upon the closing
price of the Company's common stock on the Nasdaq Stock Market on the Record
Date. Effective on the close of the Nasdaq Stock Market on April 30 1998, the
payment date, the Company will have approximately 5,743,845 shares of its common
stock outstanding as a result of the Dividend.
The Company has filed an application for inclusion of the common
stock Dividend shares for trading on the Nasdaq National Market System.
Appropriate adjustments will be made to all of the Company's
outstanding options and warrants, including options granted pursuant to the
terms of the Company's various incentive stock option plans.
Item 6. Resignation of Registrant's Directors.
N/A
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Item 7. Financial Statements and Exhibits.
(a) Financial Statements.
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N/A
(b) Pro Forma Financial Information.
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N/A
(c) Exhibits.
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(1) Press Release dated April 8, 1998, relating to the
Dividend.
Item 8. Change in Fiscal Year.
N/A
Item 9. Sales of Equity Securities Pursuant to Regulation S.
N/A
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PILGRIM AMERICA CAPITAL CORPORATION
Date April 13, 1998 By /s/ Robert W. Stallings
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Its Chairman and Chief Executive Officer
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CONTACT: James M. Hennessy
Senior Vice President
(602) 417-8115
PILGRIM AMERICA
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ANNOUNCES STOCK SPLIT SCHEDULE
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PHOENIX, Arizona, April 8, 1998 -- Pilgrim America Capital Corporation
(NASDAQ:PACC) announces the schedule for the 3-for-2 stock split approved by its
Board of Directors on April 6, 1998. Holders of the Company's common stock will
receive one additional share of common stock for every two shares based upon the
following schedule:
April 20, 1998 (Record Date)
April 30, 1998 (Payment Date)
May 1, 1998 (Ex-Dividend Date)
No fractional shares will be issued as a dividend and any fractional
shares resulting from the dividend will be paid in cash based upon the closing
price of the Company's common stock on the record date. Effective on the close
of the Nasdaq Stock Market on April 30, 1998, the payment date, Pilgrim America
will have approximately 5,743,845 shares of its common stock outstanding as a
result of the dividend.
PACC manages mutual funds and private accounts. Shares of its seven
open-end mutual funds are sold on a load basis through over 800 broker-dealers
nationwide. As of March 31, 1998, PACC had approximately $3.9 billion of assets
under management.
