october29dividend.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 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) October 26, 2007
DOMINION
RESOURCES, INC.
(Exact
Name of Registrant as Specified in Its Charter)
|
VIRGINIA
(State
or other jurisdiction
of
incorporation)
|
001-08489
(Commission
File
Number)
|
54-1229715
(IRS
Employer
Identification
No.)
|
|
120
TREDEGAR STREET
RICHMOND,
VIRGINIA
(Address
of Principal Executive Offices)
|
23219
|
Registrant’s
Telephone Number,
Including Area Code (804) 819-2000
(Former
Name or Former Address, if Changed Since Last Report)
Check
the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation
of
the registrant under any of the following provisions (see General
Instruction A.2. below):
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers
On
October 26, 2007, the Board of Directors of Dominion Resources, Inc. (the
“Company”) approved a cash bonus award of $2 million to Thomas F. Farrell, II,
Chairman, President and Chief Executive Officer. The award was made,
based on the recommendation of the Company’s Compensation, Governance and
Nominating Committee, to recognize the excellent performance of Mr. Farrell
in
the execution of the sale of the Company’s exploration and production
(“E&P”) operations which were completed in September,
2007. The Company had previously announced its intent to sell
substantially all of the E&P operations and, despite the complexities of
executing a multiple transaction sale during a period when market conditions
were in a state of deterioration, the sales were completed within the
established time frame. In addition, the award recognizes Mr.
Farrell’s strategic leadership of the Company throughout the transition
period.
Item
8.01 Other Events
On
October 26, 2007, the Board of Directors approved an amendment to the Company’s
Articles of Incorporation (the “Amendment”) to be made effective November 9,
2007. The Amendment will increase the number of shares of
common stock the Company is authorized to issue from 500,000,000 to
1,000,000,000 and will be filed in connection with and will effect the
two-for-one split of the Company’s common stock (the “Common Stock”)
described below.
On
October 26, 2007, the Company’s Board of Directors approved a
two-for-one split of the Common Stock (the “Stock Split”). Each
holder of record at the close of business on November 9, 2007 will receive
one
additional share of the Company’s Common Stock for each share of the Company’s
Common Stock held at the close of business on that date.
Also
on
October 26, 2007, the Board of Directors approved an increase of the quarterly
dividend rate to $0.79 per share representing an 11% increase over the previous
quarterly dividend rate of $0.71 per share. The dividend payment will
be made after the Stock Split. Because of that timing, shareholders
of record on November 30, 2007 will receive a quarterly dividend of 39.5 cents
per share which equates to an annual dividend rate on a post-split basis of
$1.58 per share on the Company’s Common Stock.
A
copy of
the press release announcing the Stock Split and quarterly dividend increase
is
attached hereto as Exhibit 99.
|
Exhibit
|
|
| |
|
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99
|
Dominion
Resources, Inc. press release dated October 29,
2007
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SIGNATURE
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.
|
DOMINION
RESOURCES, INC.
Registrant
|
| |
|
/s/
Patricia A. Wilkerson
|
|
Patricia
A. Wilkerson
Vice
President and Corporate Secretary
|
| |
Date: October
29, 2007