Atlantic Gulf Communities announces results of annual meeting.TAMPA, Fla.--(BUSINESS WIRE)--May 22, 1996--At its annual meeting Wednesday, Atlantic Gulf Communities Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :AGLF AGLF Association for Governmental Leasing and Finance AGLF Asian Government Leaders Forum ) shareholders reelected Allen A. Blase bla·sé adj. 1. Uninterested because of frequent exposure or indulgence. 2. Unconcerned; nonchalant: had a blasé attitude about housecleaning. 3. Very sophisticated. , Raymond Ehrlich and W.D. Frederick Jr. directors. At a subsequent directors meeting, Lawrence B. Seidman was appointed to the Board to serve until the next annual shareholders meeting. Shareholders also approved the 1996 Non-Employee Directors Stock Plan, which becomes effective July 1, 1996 and rejected a proposal to eliminate the staggered classification of the Board. In addition, the shareholders approved a reverse stock split. If the reverse stock split is effected, each 100 shares or 200 shares, as the company's board determines, would be converted into one share of the company's common stock on the effective date and on the next day, pursuant to a forward stock split, each then outstanding share would be converted into that number of shares that each share represented immediately prior to the reverse stock split. Because fractional shares Fractional share Stocks amounting to less than one full share, usually resulting from splits, acquisitions, exchanges, or dividend reinvestment programs. fractional share Less than one share of stock, that is, one-third or one-half a share. would not be issued in the reverse stock split, it would eliminate a significant number of shareholders. If the reverse stock split does not occur prior to the next annual shareholders meeting in 1997, it will not be consummated con·sum·mate tr.v. con·sum·mat·ed, con·sum·mat·ing, con·sum·mates 1. a. To bring to completion or fruition; conclude: consummate a business transaction. b. without further shareholder approval. If the reverse stock split is to occur, the company would publicly announce the determination at least 10 days prior to the effective date. Consummation CONSUMMATION. The completion of a thing; as the consummation of marriage; (q.v.) the consummation of a contract, and the like. 2. A contract is said to be consummated, when everything to be done in relation to it, has been accomplished. of the reverse stock split would require financing and consent of certain debt holders. Atlantic Gulf Communities Corp., with assets of approximate $330 million, is one of Florida's largest real estate developers. The company develops finished residential lots for builders in many of Florida's most active markets including South Florida, Tampa, Orlando and Jacksonville, in addition to owning 44,000 acres in other parts of Florida, and 5,500 acres in the Cumberland Plateau Cumberland Plateau or Cumberland Mountains, southwestern division of the Appalachian Mt. system, extending northeast to southwest through parts of West Virginia, Virginia, Kentucky, and Tennessee into N Alabama. Black Mt., Ky. area of Tennessee. Headquartered in Miami, the company is a proven leader in professional development services, and is known for its leadership role in environmental quality. CONTACT: Atlantic Gulf Communities Corp., Tampa Harry Rose, 305/859-4376 |
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