Journal Buys Back Shares Of Special Stock Class
August 14, 2012 at 3:55 AM (PT)
JOURNAL COMMUNICATIONS INC. announced MONDAY that it has bought back 3.264 million Class C shares of its stock from the family and successors of former company Chairman HARRY J. GRANT for $6,245,536 cash and $25,598,989 in unsecured subordinated promissory notes.
The shares comprised a special class of stock with rights including a minimum dividend, conversion rights, extra voting power, and an aggregate right to a seat on the board.
"This transaction simplifies our capital structure and allows us to remove a class of stock that had enhanced voting and other rights," said Chairman/CEO STEVEN J. SMITH.