Palm Harbor Homes, Inc. Postpones Its Reconvened Annual Meeting to November 1, 2010
October 07 2010 - 3:15PM
Business Wire
Palm Harbor Homes, Inc. (NASDAQ: PHHM) today announced that it
has postponed the upcoming reconvened annual meeting of
shareholders previously scheduled for October 11, 2010. The meeting
will now be held on November 1, 2010, at 10:00 a.m. Central Time at
the Company's executive offices located at 15303 Dallas Parkway,
Suite 800, Addison, Texas. The annual meeting was adjourned to
provide more time to solicit additional votes for a proposal which
allows the amendment and restatement of the Company's Second
Amended and Restated Articles of Incorporation (the "Proposal"). As
presented at the annual meeting, the Proposal would increase the
number of authorized shares of common stock to 100,000,000 from
50,000,000, and the number of authorized shares of preferred stock
to 25,000,000 from 2,000,000.
The Company listened to the concerns of its shareholders
regarding the Proposal and, based on their input, the Company has
decided to amend the Proposal by removing the proposed increase in
the number of authorized shares of preferred stock. As such, the
amended proposal (the "Amended Proposal") would only increase the
number of authorized shares of common stock to 100,000,000 from
50,000,000.
The shareholders overwhelmingly approved the Company's
Shareholder Rights Plan. The Company has reserved shares of common
stock for issuance under that plan. As a result, the Company has no
shares available for issuance. The additional shares of common
stock that the Company is asking shareholders to authorize would be
available for the purpose of raising much needed additional equity,
or for use as consideration in transactions involving third parties
or its bondholders. Additionally, by increasing the authorized
number of shares of common stock available for issuance, the
Company will have the flexibility needed for other corporate
purposes such as stock splits or dividends, or issuance under
employee benefit plans.
Palm Harbor Homes is one of the nation's leading manufacturers
and marketers of factory-built homes. The Company markets
nationwide through vertically integrated operations, encompassing
manufacturing, marketing, financing and insurance. For more
information on the Company, please visit www.palmharbor.com.
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