Ford Motor Company (NYSE: F - news) announced today that the average Ford share price that will be used to determine the cash and stock to be received by shareholders in the company's Value Enhancement Program (VEP) will be $46.7317. This price represents the volume-weighted average trading price of Ford common stock as reported on the New York Stock Exchange composite tape during the five-day trading period ending today.

The VEP is subject to shareholder approval. A special shareholder meeting on this plan will be held Aug. 2 in Wilmington, Del.

Under the VEP, Ford shareholders will exchange each of their current Ford common or Class B shares for a new Ford common or Class B share, as the case may be, plus their choice of either $20 in cash (Option 1), approximately 0.748 additional new Ford common shares (Option 2), or $20 in a combination of cash and additional new Ford common shares (Option 3). Shareholders who fail to make an election by the 8:30 a.m., Aug. 2 deadline will be treated as though they have chosen the $20 cash option (Option 1). The result of choosing Option 1 or Option 3 is the same as if a shareholder sold a portion of their Ford shares.

If the total amount of cash elected by shareholders exceeds $10 billion, the $20 cash election (Option 1) will be pro rated accordingly and the difference will be made up in additional new common shares.

Shareholder elections are due by 8:30 a.m. Aug. 2. Earlier deadlines apply to shareholders who hold their stock through brokerage or other financial institution accounts. The results from the shareholder vote and preliminary election results will be announced following the Aug. 2 meeting. The company plans to credit the new Ford stock to shareholder accounts and distribute cash on August 8.