March 11, 1999 13:30
Computer Network Seeks Treble Boost In Authorized Cmn Shares (CMNT)
(NewsTraders.com)-- Computer Network Technology Corp. (CMNT) is seeking shareholder support to allow it to more than triple the number of authorized common shares it can issue from 30 million shares to 100 million shares, according to preliminary proxy materials.
Computer Network said the increase would enhance its flexibility in connection with possible future actions, such as equity financings, mergers, acquisitions of property, stock splits, stock dividends, use in employee benefit plans, or other corporate purposes.
The company noted that it has no agreements to issue any common shares beyond the number currently authorized.
As of Dec. 31, 1998, Computer Network had nearly 22.3 million common shares issued and outstanding, and another 5.8 million shares reserved for issuance.
Shareholders of record as of March 15 will be entitled to vote at the annual meeting, currently scheduled to be held in Minneapolis on May 13.
Copyright 1999 NewsTraders Inc. All Rights Reserved 13:30 Thursday, March 11, 1999 |
