Bestway, Inc. Files Preliminary Proxy Statement to Go Private and Announces Receipt of Nasdaq Letter of Non-Compliance
05 Noviembre 2004 - 5:19PM
PR Newswire (US)
Bestway, Inc. Files Preliminary Proxy Statement to Go Private and
Announces Receipt of Nasdaq Letter of Non-Compliance DALLAS, Nov. 5
/PRNewswire-FirstCall/ -- Bestway, Inc. (NASDAQ:BSTW) today filed a
preliminary proxy statement disclosing that, subject to stockholder
approval at the upcoming annual meeting, it intends to complete a
going private transaction. A special committee of independent
directors of the Company's Board of Directors reviewed and
recommended to the Board of Directors, and the Board of Directors
has authorized a 1-for-100 reverse stock split of the Company's
Common Stock, followed by a forward stock split of the Common Stock
on a 100-for-1 basis. Stockholders owning less than 100 shares at
the effective time will receive $13.00 for each share. Stockholders
who own 100 or more shares at the effective time of the transaction
will not be entitled to receive any cash for their fractional share
interests resulting from the reverse split. The forward split that
will immediately follow the reverse split will reconvert their
whole shares and fractional share interests back into the same
number of shares of Common Stock they held immediately before the
effective time of the transaction. The Company reserves the right
at any time not to complete the going private transaction should it
choose to do so. Today, the Company also announced that it had
received a letter from Nasdaq on November 2, 2004 indicating that
the Company was not in compliance with Nasdaq's requirements for
continued listing of the Company's common stock because Nasdaq had
not received the Company's Corporate Governance Certification Form,
as required by Rule 4350. The notice does not itself result in the
immediate delisting of the Company's common stock. In the notice,
Nasdaq stated that unless the Company requests a hearing with
respect to this notice, the Company's common stock will be delisted
from The Nasdaq Stock Market at the opening of business on November
11, 2004. The Company will request a hearing with the Nasdaq
Hearing Panel on this matter. There can be no assurance that the
Panel will grant the Company's request for continued listing. A
timely request by the Company for a hearing will stay the delisting
pending the hearing and a determination by the Nasdaq Hearing
Panel. The Company has been engaged in the rent-to-own industry
since 1987. The Company owns and operates a total of sixty-nine
stores located in the states of Alabama, Arkansas, Georgia,
Mississippi, North Carolina, South Carolina and Tennessee. The
stores' operations are controlled and monitored through the
Company's management information system networked with its home
office in Dallas, Texas. DATASOURCE: Bestway, Inc. CONTACT: Beth
Durrett, Chief Financial Officer of Bestway, Inc., +1-214-630-6655
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