Sutter Out, Wyant In As Regent Chairman
March 19, 2009 at 6:54 AM (PT)
REGENT COMMUNICATIONS has entered into an agreement with RILEY INVESTMENT MANAGEMENT LLC and RILEY INVESTMENT PARTNERS MASTER FUND, L.P. Pursuant to the terms of that agreement, RILEY agreed to not commence any proxy fight or form, join a group or act in concert with any person or entity to change the composition of REGENT's Board of Directors through DECEMBER 31st, 2009.
REGENT agreed to reduce the size of the Board of Directors to six persons until such time as the Board may take further action to increase or decrease the size of the Board; that six of REGENT's seven current directors would be nominated for re-election to REGENT's Board of Directors at the 2009 Annual Meeting of Stockholders; and that JOHN H. WYANT, a current board member, would be appointed Chairman of the Board.
WILLIAM P. SUTTER, JR. resigned as a Director and as Chairman of the Board of the Company. WYANT was appointed the new Chairman of the Board effective immediately.