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Post says chairman upbeat Fleet Aerospace Corporation FLT Shares issued 214,653,577 Oct 17 close $0.67 Fri 18 Oct 96 In the News The Financial Post reports in its Friday edition that Fleet Aerospace chairman and chief executive Murray Edwards told shareholders on Thursday that he hopes a new name and stock consolidation will help breathe new life into the company. Reporter Peter Fitzpatrick says that Mr Edwards told a special meeting in Toronto that Fleet's fortunes hinge on restoring profitability at its money-losing Fleet Industries plant in Fort Erie, Ontario, and its Aeronca unit in Middletown, Ohio. Mr Edwards says that Fleet has some challenges, but at the same time it has some opportunities. The meeting approved a one-for-five stock consolidation and renaming of the company to Magellan Aerospace. Fleet shareholders have seen the stock of the aircraft parts and engine maker rise and dip since Mr Edwards took over the 51-year-old company last November. Fleet shares soared from $0.18 last October to $1.17 in May, before falling back, closing unchanged at $0.67 on Thursday. (c) Copyright 1996 Canjex Publishing Ltd. canada-stockwatch.com Any information on this Company posted here would be greatly appreciated by myself and all other investers. Thank you Den | ||||||||||||||
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