FYI--NAVR---More stock out than reported earlier in the form of convertible Pfd. Can't find results from the special shareholders meeting, but here is an excerpt from the proxy...
>>>The Company has two classes of stock, no par value common stock and no par value
Class A Convertible Preferred Stock ("Common Stock" and "Preferred Stock"
respectively). Only holders of record of shares of the Company's Common Stock
and Preferred Stock at the close of business on May 18, 1998, will be entitled
to notice of and to vote at the Special Meeting and any adjournment thereof.
The securities of the Company outstanding as of May 18, 1998, the record date
for the Special Meeting consist of 7,009,170 shares of Common Stock, each share
being entitled to one vote, and 1,523,810 shares of Preferred Stock, each share
of Preferred Stock being convertible into five shares of Common Stock, and being
entitled to five votes. Although the Preferred Stock is convertible into five
shares of Common Stock, certain holders of Preferred Stock have entered into
agreements with the Company ("Five Percent Letters") under which these holders
have agreed that, notwithstanding the number of shares of Common Stock they may
be entitled to vote based upon their ownership of Common Stock or Preferred
Stock of the Company, they are entitled to exercise voting power with respect to
no greater than 4.9% of the number of shares of the Company's issued and
outstanding Common Stock as calculated in accordance with Section 13(d) of the
Securities Exchange Act of 1934. Accordingly, the total shares eligible to vote
at the Special Meeting is expected to be 14,247,450, which represents 7,009,170
shares of Common Stock, and 7,238,280 shares of Common Stock into which the
Preferred Stock is convertible.<<<
and also
>>>The Board of Directors has unanimously approved an amendment to the Company's
Articles of Incorporation and recommends that the shareholders approve the
amendment by voting in favor of Proposal One. Proposal One would amend the
Articles of Incorporation to authorize fifty million (50,000,000) shares of no
par value common stock, and ten million (10,000,000) shares of no par value
preferred stock which would be available for issuance by the Board of Directors.
The Company currently has 20,000,000 shares of Common Stock authorized, of which
7,009,170 are outstanding and 5,000,000 shares of Preferred Stock authorized, of
which 1,600,000 has been designated as Class A Convertible Preferred Stock and
1,523,810 of which are outstanding. The Board believes adoption of this proposal
is in the best interests of all the shareholders and recommends that
shareholders vote in favor of its adoption.>>>
Source: freedgar.com
-NAVARRE CORP /MN/ DEF 14A
Filing Date: 5/29/98
Just starting to troll...thought this was significant, though.
I expect that the measures passed, but can't find any statement about it....
also, about the Pfd.
biz.yahoo.com
I do not see this as a big negative, but it should be factored into your investing decisions. |
