Instinet Group Incorporated (Nasdaq-INGP) ("Instinet Group") announced today that its Board of Directors has approved the payment of a special cash dividend of $0.32 per common share to Instinet Group stockholders, based upon the net after-tax proceeds of the recent sale of Lynch, Jones & Ryan, Inc. to The Bank of New York. The record date for the dividend will be July 29, 2005 and the payment will be made on or about August 15, 2005. Instinet Group stock will trade ex-dividend for two days prior to the record date, starting on July 27, 2005.
In addition, employees who hold Performance Share Awards will receive the dividend payment at the time their PSA award vests, and provision has been made to give holders of in-the-money options the benefit of the dividend at the time the Nasdaq merger closes.
Pursuant to the terms of the company's merger agreement with The Nasdaq Stock Market, Inc., the cash dividend will reduce the per share merger consideration to be received by stockholders in the pending Nasdaq merger.
