Westwood Stockholders Approve Stock Split
June 26, 2009 at 3:12 PM (PT)
WESTWOOD ONE, INC. has announced the results of its scheduled special meeting of stockholders held earlier TODAY.
All measures were approved by a large margin, including an increase in the number of authorized shares of common stock and a 200:1 reverse stock split.
In JUNE (NET NEWS 6/26), WESTWOOD ONE shareholders voted to adjourn that day's scheduled special stockholder meeting so that the company could give voters supplemental information concerning proposals in the Proxy Statement and, if necessary, file an amendment to the Proxy Statement. The proposals were to amend the company's Restated Certificate of Incorporation to increase the number of authorized shares of common stock from 300 million to 5 billion, amend the Certificate of Incorporation to effect a 200:1 reverse stock split, define the term "Continuing Directors" in the Certificate of Incorporation, reduce the approval thresholds and delete a related article.
Back in APRIL, (NET NEWS 4/23), WESTWOOD ONE completed the refinancing of its outstanding long-term indebtedness and the recapitalization of its equity. As part of the recapitalization, WESTWOOD ONE’s then-existing lenders refinanced and exchanged all of their outstanding indebtedness (approximately $241 million in principal) for $25 million in cash, shares of 8.0% Series B Convertible Preferred Stock, which will mature on July 15th, 2012.