The board of Assante Corp. has announced a new schedule for release of shares in escrow, as well as plans to increase the number of independent directors.
“We are always looking for ways to strengthen the corporation and respond to the needs of shareholders,” said Chairman and CEO Martin Weinberg. “As our corporation evolves, the board is quick to embrace sound ideas and opportunities.”
The new schedule for releasing the remaining shares in escrow is aimed at increasing the public float and ensuring a more orderly release of the shares.
Of the 86,438,000 shares issued and outstanding, 32,830,000 are currently held pursuant to the terms of a shareholder escrow agreement, which gives directors the discretion to release shares from escrow at any time. They were originally scheduled to be released on May 28, 2003 and May 28, 2004, with 5,471,000 being released in 2003 and 27,359,000 in 2004.
The new schedule approved by the board provides for the release of 5,471,000 shares on each of March 31, May 28, September 30, and December 31, 2003, March 31 and May 28, 2004.
The board’s intention to add another independent director reflects ongoing improvements in corporate governance, Weinberg said. To create an immediate vacancy, Mickey Segal, president of Assante Business Management, resigned his directorship on December 30. Assante’s board of directors is now comprised of five independent directors and one insider — Holger Kluge, William McNally, Gregory Milavsky, Michael Nairne, Morris Perlis and Martin Weinberg.
Weinberg said the plans announced today build on a series of accomplishments that have responded to investors’ needs over the past three years. Since 1999, Assante has simplified its share structure, eliminated multiple voting shares, improved board governance, broadened analyst coverage and improved the extent and timeliness of disclosure.
Assante increases public float
Plans to increase number of independent directors
- By: IE Staff
- January 23, 2003 January 23, 2003
- 17:40