Birmingham Steel Acknowledges Receipt of Consents From United Group and Postpones Annual Meeting.BIRMINGHAM, Ala ALA aminolevulinic acid. Ala alanine. ala (a´lah) pl. a´lae [L.] a winglike process. .--(BUSINESS WIRE)--Nov. 30, 1999-- Birmingham Steel Corporation (NYSE NYSE See: New York Stock Exchange : BIR BIR British Institute of Radiology BIR Bureau of Internal Revenue BIR Bureau of International Recycling BIR Baculovirus IAP Repeat BIR Biomedical Imaging Resource BIR Bureau of Intelligence and Research (US State Department) ) today announced that the United Group has delivered to the Company stockholder consents that the group purports to represent a majority of the Company's shares outstanding. The Company stated that it intends to furnish the consents, as well as any revocations of consents received by the Company to date, to an independent inspector of election for tabulation tab·u·late tr.v. tab·u·lat·ed, tab·u·lat·ing, tab·u·lates 1. To arrange in tabular form; condense and list. 2. To cut or form with a plane surface. adj. Having a plane surface. . Following such tabulation, the independent inspector will issue a preliminary report that will be subject to review and challenge by the Company and the United Group. Only after all challenges to the preliminary report of the independent inspector have been resolved will a final report be issued. Until such time as this process is complete, the Company will not know whether the United Group has tendered to the Company sufficient consents to take action under Delaware law. In light of the foregoing, the Company has postponed the Annual Meeting of Stockholders previously scheduled to take place in Orlando, Florida The city of Orlando is a major city in central Florida and is the county seat of Orange County, Florida. According to the 2000 census, the city population was 185,951. A 2006 U.S. on December 2, 1999. A date for the Annual Meeting will be set, if appropriate, following completion of the tabulation process by the independent inspector of election. Earlier today, representatives of the Board of Directors again offered to meet with members of the United Group, and offered a proposal to reach a compromise slate of directors for consideration by the Company's stockholders that would minimize the risk of certain consequences which could otherwise result from a change in a majority of the Board. The Board of Directors remains ready to discuss with the United Group the possibility of a compromise slate of directors that would put the stockholders of the Company in the best financial position. Birmingham Steel operates in the mini-mill sector of the steel industry and conducts operations at facilities located across the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The common stock of Birmingham Steel is traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol "BIR." |
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