“Apple appears to have posted a Frequently Asked Questions on Stock Splits. It’s not clear if this is a new post, a search on Google shows it last cashed at 17 Feb 2013 and it doesn’t appear to have changed since then,” Karen Haslam reports for Macworld UK.
The company explains that there have been three 2-for1 stock splits in Apple history.
• 15 June, 1987
• 21 June 2000
• 28 February 2005
Haslam reports, “According to Forbes, Apple couldn’t split its stock. As Forbes explains: ‘Based on the number of shares issued at about 940 million and only having authorization to issue 1.8 billion shares the company could not even execute a 2 for 1 split.'”
Read more in the full article here.
It was always there . Nothing special .
Exactly; this answer for there for years.
So, might this mean that with no additional authorization, that a fractional split would be possible? It’s not unheard of for a 1.5 to 1 split, for example.
And, could authorization to increase the number of shares to say, 8 billion shares, be offered today, or would that have required prior notification?
It can be done at any time but must be approved by the state of incorporation. I don’t think there are any federal rules on increasing the authorized share count or not.
Maybe the share buyback is so that they can offer a split?
Can’t the BoD change the rule?
The limit is in the articles of incorporation. I don’t know whether the BOD can change that or not. I suspect it would require a vote of the shareholders. However, it’s possible that a split is a special situation that would automatically increase the limit, and automatically modify the articles of incorporation. More info is needed.