Milacron Shareholders Approve 1-for-10 Reverse Stock Split
03 Mayo 2007 - 8:07AM
Business Wire
Shareholders of Milacron Inc. (NYSE: MZ), a leading global supplier
of plastics-processing technologies and industrial fluids, voted
yesterday at the annual meeting to approve a 1-for-10 reverse stock
split of both the company�s common stock and 4% preferred stock.
Currently Milacron has approximately 56 million�shares of common
stock outstanding. Upon completion of the reverse stock split, the
company will have approximately 5.6 million�common shares
outstanding. Including Milacron�s 6% convertible preferred stock on
an �as converted� basis, Milacron has approximately 113 million
fully diluted shares, which will become approximately 11.3 million
shares. There are 60,000 shares of 4% preferred stock outstanding,
which will become 6,000 shares. Common stockholders otherwise
entitled to receive fractional shares as a result of the reverse
stock split will receive a cash payment in lieu thereof. Fractional
shares of Milacron�s 4% preferred stock will be issued to qualified
holders. The purpose of the reverse stock split is to increase the
market price of Milacron�s common shares in order to comply with
the minimum share price rule of the New York Stock Exchange. It
will likely take up to two weeks to complete the necessary filings
to effect the split. At the annual meeting, shareholders elected
Donald R. McIlnay, senior vice president, president Industrial
Tools Group and Emerging Markets of The Stanley Works, a director
to a three-year term. The following directors, nominated by
Glencore Finance AG, the majority holder of Series�B 6% preferred
stock, were elected: Steven N. Isaacs, chairman and managing
director of Glencore; Mark R. Jacobson, managing partner of Ethemba
Capital LLP; Eric Schneider, president and chief executive officer
of Redwood Custom Communications Inc.; Thomas T. Thompson, former
managing director and partner of Imperial Capital; and Brent C.
Williams, managing director of Chanin Capital. In addition,
shareholders ratified the appointment of Ernst & Young LLP as
independent auditors of the company for fiscal year 2007. Final,
certified vote counts will be posted on Milacron�s website as soon
as they are available and will be included in the company�s 10-Q
filing for the second quarter. First incorporated in 1884, Milacron
is a leading global supplier of plastics-processing technologies
and industrial fluids, with major manufacturing facilities in North
America, Europe and Asia. For further information, visit
www.milacron.com or call the toll-free investor line: 800-909-MILA
(800-909-6452). The forward-looking statements above by their
nature involve risks and uncertainties that could significantly
impact operations, markets, products and expected results. For
further information please refer to the Cautionary Statement
included in the company�s most recent Form 10-K on file with the
Securities and Exchange Commission.
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