e-man,
got a proxy statement today.
it contains only one proposal: "to increase the number of authorized shares of common stock."
there's a "Special Meeting of the Shareowners", on June 25th, in
Rancho Cordova, California.
the proxy reads in part...
" The Board of Directors of the Company has approved and recommends
that the Shareowners approve an amendment to the
Company's Certificate of Incorporation to increase the authorized shares of the Company's common stock from
300,000,000 to 600,000,000 shares.
The Board of Directors of the Company believes the increase in the authorized shares is necessary to provide the Company with the flexibility to act in the future with respect to financing programs, acquisitions and other corporate purposes without delay and expense incidental to obtaining shareowner approval each time an opportunity requiring the issuance of shares may arise."
it goes on to add...
" The lack of authorized Common Stock available for issuance would
unnecessarily limit the Company's ability to pursue opportunities for future financings, acquisitions, mergers, and other transactions.
The Company would also be limited in its ability to effectuate
stock splits or stock dividends." |
