Emmis Shareholders Approve Changes In Preferred Stock Rights
September 5, 2012 at 3:54 AM (PT)
As expected, EMMIS COMMUNICATIONS shareholders voted to approve the plan to strip preferred shareholders of dividends and rights in a meeting on TUESDAY (9/4).
The vote had been delayed by the court proceedings involving a challenge to Pres./CEO JEFF SMULYAN's move, but last week's denial of an injunction to block the vote paved the way for TUESDAY's action, which was expected because SMULYAN has majority voting control of the company.
The vote also approved giving management an option for a reverse stock split. EMMIS' stock price recovery in recent months has made a reverse split less likely.