ATLANTA, Dec. 7, 2010 /PRNewswire/ -- Aaron's, Inc. (NYSE:
AAN and AAN.A), the nation's leader in the sales and lease
ownership and specialty retailing of residential furniture,
consumer electronics, home appliances and accessories, today
announced that its shareholders have approved the conversion of its
non-voting Common Stock into voting Class A Common Stock on a
one-for-one basis. The conversion was approved by a majority
of the holders of both the Company's Common Stock and Class A
Common Stock, each voting as a separate class, at a special meeting
of shareholders held today at the Company's headquarters in
Atlanta. As a result of the
conversion, all shares of the Company's Common Stock will be
converted into shares of Class A Common Stock, and the Class A
Common Stock will be renamed as the Company's "Common Stock".
To implement the conversion, the Company intends to file its
Amended and Restated Articles of Incorporation with the Secretary
of State of the State of Georgia
after the close of trading on December 10,
2010. The conversion will become effective immediately
upon filing of the Amended and Restated Articles of Incorporation,
and shareholders need not take any action to convert their shares.
Any existing stock certificates validly issued for shares of
Aaron's Class A Common Stock or Common Stock will represent
shares of the Company's single class of Common Stock, and shares
held in brokerage accounts will be automatically adjusted by the
broker to reflect the conversion and name change. The
combined class of Common Stock will trade under NYSE symbol "AAN",
the existing symbol for the Common Stock, effective after the close
of trading on December 10, 2010.
At the special meeting, the shareholders also approved
amendments to the Company's bylaws to establish a classified board
of directors, to provide that vacancies on the Company's board of
directors may only be filled by the board, and to reduce the
default approval threshold required for matters submitted to
shareholders for a vote.
Aaron's, Inc., based in Atlanta, currently has 1,800 Company-operated
and franchised stores in 48 states and Canada. The Company's Woodhaven
Furniture Industries division manufactures furniture and bedding at
12 facilities in seven states. The entire production of
Woodhaven is for shipment to Aaron's stores.
"Safe Harbor" Statement under the Private Securities
Litigation Reform Act of 1995: Statements in this news release
regarding Aaron's, Inc.'s business that are not historical facts
are "forward-looking statements" that involve risks and
uncertainties which could cause actual results to differ materially
from those contained in the forward-looking statements. These risks
and uncertainties include factors such as changes in general
economic conditions, competition, pricing, customer demand and
other issues, and the risks and uncertainties discussed under "Risk
Factors" in the Company's Annual Report on Form 10-K for the fiscal
year ended December 31, 2009.
SOURCE Aaron's, Inc.