Emmis Sets Shareholder Meeting On Reverse Stock Split, Preferred Stock Changes
June 19, 2012 at 4:45 AM (PT)
EMMIS COMMUNICATIONS has filed a revised proxy statement for a special meeting of shareholders in JULY to take another step in Chairman JEFF SMULYAN's move to strip more rights formerly conferred on preferred shareholders.
The proxy, which omits a specific date for the meeting, states that the shareholders will vote upon proposals to amend the company's 6.25% Series A Cumulative Convertible Preferred Stock and authorize the board to amend its articles of incorporation to allow a reverse stock split.
SMULYAN controls a majority of shares, enough to pass the amendments; the proxy notes that the board, with the exception of DAVID GALE, has approved the amendments and is recommending that holders of common stock should vote in favor of the amendments. The board was unanimous in recommending a "yes" vote on the reverse stock split.