Regent Communications has come to terms with Riley Investment Management Capital and SMH Capital, the major shareholders who had been pressing for a special shareholders meeting in an attempt to put four directors of their choosing on the company’s board. Under the settlement announced late Friday, they will get half of that – two seats on the board – and both sides will withdraw their dueling lawsuits (8/16/07 RBR #160).
The two new Regent board members are John Ahn, a principal of Riley, and Joseph Patrick Hannan, most recently CFO of the radio division of Lincoln Financial Media. Their addition increases the Regent board to seven members, including six independent directors. "We welcome our new board members and look forward to working with them to increase shareholder value," said Regent CEO Bill Stakelin in announcing the settlement.