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Tower Properties Announces Mailing of Proxy Statement for Special Meeting of Shareholders to Approve Reverse Stock Split, Reduction in Authorized Capital, and Repurchase Option
Tower Properties Announces Mailing of Proxy Statement for Special Meeting of Shareholders to Approve Reverse Stock Split, Reduction in Authorized Capital, and Repurchase Option.
About this update from Tower Properties Company
[{"type":"text","content":"On December 13, 2008, Tower Properties Company began mailing to its shareholders notice of and a proxy statement for a special meeting of the Company's shareholders to be held on December 29, 2008, at 10:00 a.m. Central time. At the meeting shareholders will be asked to approve amendments to the Company's articles of incorporation to effect a reverse 1-for-30 stock split, reduce the Company's authorized capital, and grant the Company an option to acquire shares proposed to be transferred by shareholders if, after such transfer, there would be 250 or more holders of record of the Company's common stock. The record date for determining shareholders entitled to notice of and to vote at the special meeting and any adjournments and postponements thereof was December 12, 2008. If your shares are held in the name of a broker, trust or other nominee, you will need a proxy or letter from the broker, trustee or nominee in order to vote your shares personally at the meeting. The proposals are intended to allow the Company to maintain its non-reporting status under the rules of the Securities and Exchange Commission. If approved by shareholders at the upcoming special meeting, the proposals will be effective after the close of business on December 31, 2008. All shareholders are urged to read the proxy statement, as it contains important information about the special meeting, the proposed reverse stock split, and the amendment enacting the option to repurchase and reducing the Company's authorized capital. If you are a shareholder and do not promptly receive a copy of the proxy statement, or if you have any questions regarding the special meeting of shareholders, you may contact Stan Weber, Vice President and Chief Financial Officer, at (816) 421-8255 or [email protected].","length":2940,"tagName":"div"}]