Once the wording of the proxy was corrected, it was smooth sailing for the amendments to Westwood One’s corporate charter to increase the number of shares, then do a 1-for-200 reverse split. After the vote Monday the Gores Group quickly updated its holdings with the SEC to show that it now owns 75.1% of WW1 shares.
The shareholders meeting originally set for last month was adjourned without action. But RBR/TVBR reported that the problem simply dealt with the legal wording of a couple fo the items to be voted on, not any dispute by major shareholders.
The corrections were made and a new proxy sent out. The vote yesterday (8/3) was uneventful.
“Westwood One, Inc. (OTCBB: WWON) announced the results of its scheduled special meeting of stockholders held earlier today. All measures were approved by a large margin, including an increase in the number of authorized shares of common stock and a 200:1 reverse stock split,” the company announced.