The board of directors of PerfectData Corp. in Simi Valley has authorized the distribution to shareholders of one share of Staruni Corp. for every four shares of PerfectData.
Fractional shares will be rounded off to the nearest whole number. The distribution date has been set for Aug. 14 to shareholders of record July 17.
PerfectData owns about 1 million shares of Staruni, or about 50% of the company. After the distribution, PerfectData will hold about 15% of Staruni for investment purposes and will no longer be in a control position.
Staruni is an Internet service provider based in Beverly Hills.
The major shareholder of PerfectData is Flamemaster Corp., which has a 21% interest. In turn, PerfectData owns a significant interest in Flamemaster, a specialty-chemicals manufacturer based in Sun Valley.