>>>>
Court Rejects Demands of Dissident Shareholders; Removes a Cloud Over
Company's Future
Business Wire - May 29, 1998 08:32
%TRAVIS-INDUSTRIES TVSI %COLORADO %BANKING V%BW P%BW
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DENVER--(BUSINESS WIRE)--May 29, 1998--On May 15, 1998, a Colorado
District Court Judge rejected the demands of a small group of dissident
shareholders of Travis Industries, Inc. who had demanded that the Court
force the company to hold a shareholders meeting within 30 days, to
limit the rights of present shareholders to participate in such meeting
by ordering a record date of March 30, 1998 and otherwise to limit the
ability of management to operate the company.
At a hearing on the matter held on May 15, 1998, Travis' management made
clear their plans to call an annual meeting of shareholders in September
after the company had set an agenda, given its shareholders proper
notice of the meeting and had sufficient time to prepare and deliver
audited financial statements, proxy statements and an annual report to
its shareholders, so shareholders could have meaningful participation in
the meeting. The District Court agreed with Travis' management that the
Court did not have the authority to grant the dissident shareholders'
demand for an immediate meeting and to back-date the record date, and
the Court rejected the dissident shareholders' other demands. The
District Court ordered that the annual meeting of shareholders be held
on September 1, 1998 with a record date of July 1, 1998. Pursuant to the
Court's order, notice of the meeting will be accompanied by an annual
report and proxy statements which comply with Federal Securities Laws.
Thomas P. Raabe, Travis' newly appointed Chairman and Chief Executive
Officer said he felt that the Court's decision vindicating management
"removed a significant impediment to implementing the Company's plans to
make its current operations profitable and pursue various opportunities
to grow the Company and enhance shareholder value. New management is
excited to confront the challenges facing the Company as well as to
capitalize on the opportunities we have been presented." <<<<
I posted awhile ago that Raabe was wrapped-up in court, and that accounted for the delay of the last release. It appears the PR will commence now that this stumbling block is out of the way. Patience!! I believe more PR will follow this shortly.
Pugs |
