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Show In 1969 The New York Stock Exchange president Robert W. Haack, left, welcomed Ed Littlefield to the New York Stock Exchange. Stock specialist John V. Seskie is at right. The 1960s ended with the construction side of the business accounting for over 60 percent of gross revenues and 69 percent of the total payroll. "In 1969," Littlefield wrote, "we had the highest earnings in our construction business since the UCC began." Accordingly UC&M sold all its heavy construction assets and business (except the dredges) to Fluor Engineers and Constructors, Inc. "The sale to Fluor was a very bold step as far as the company was concerned," Littlefield added. "All the construction people went with the sale. No one lost their job." He explained, "Our ultimate objective was to get onto the New York Stock Exchange. There are two requirements to be traded on the New York Stock Exchange. First, there is a required number of shareholders. Secondly, there has to be a certain number of shareholders who own more than one hundred shares of stock." The conditions for going public were met through a merger in 1960 with a small but promising uranium mining company called Lucky Mc, located near Riverton, Wyoming. "We acquired the [necessary] number of shareholders through our merger with Lucky Mc," Littlefield related. "This gave Utah several thousand new shareholders, enough to qualify for trade on the New York Stock Exchange." Littlefield continued, "[W]e did not have enough shareholders who owned one hundred shares or more of the stock. We cured that problem by splitting the Utah stock two for one. We made all these old Lucky Mc 50-shareholders into 100-share stockholders. We got ourselves on the New York Stock Exchange. We continued to grow at a remarkable pace." Thus the year 1969 brought two major changes: a company held privately for seven decades turned public; and a heavy construction company began to transform itself. Its leaders now were intent on creating a mining multi-national. |