Dairy Mart Shareholders Approve New, Single Class of Common Stock.Business Editors HUDSON, Ohio--(BUSINESS WIRE)--Feb. 8, 2000 Dairy Mart Convenience Stores, Inc. (AMEX AMEX See: American Stock Exchange :DMC DMC Devil May Cry (video game) DMC Detroit Medical Center DMC Darryl McDaniels (rapper) DMC Destination Management Company DMC Del Mar College (Corpus Christi, TX) ) announced that its shareholders approved a reclassification Reclassification The process of changing the class of mutual funds once certain requirements have been met. These requirements are generally placed on load mutual funds. Reclassification is not considered to be a taxable event. of its existing Class A common stock and Class B common stock into a new, single class of common stock at a special shareholders' meeting shareholders' meeting n. a meeting, usually annual, of all shareholders of a corporation (although in large corporations only a small percentage attend) to elect the Board of Directors and hear reports on the company's business situation. held at the Company's corporate headquarters today. The new, single class of common stock will trade under the symbol &uot;DMC.&uot; Under terms of the reclassification, which will be effective at the open of business February 9, 2000, each share of Dairy Mart's former Class A common stock will be converted into one share of the new common stock and each share of the former Class B common stock will be converted into 1.1 shares of the new common stock. Each share of the new common stock will be entitled to one vote on all matters and will vote on the election of all directors. The reclassification also resolves previously disclosed derivative litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. filed in the Delaware Court of Chancery court of chancery n. pl. courts of chancery A court with jurisdiction in equity. Noun 1. court of chancery - a court with jurisdiction in equity chancery . Shareholders should not send in any stock certificates at this time. Dairy Mart will mail instructions to its shareholders regarding the exchange of their certificates. Dairy Mart Convenience Stores, Inc. was named &uot;Convenience Store Chain of the Year,&uot; a national industry honor presented by Convenience Store Decisions magazine. The Company owns or operates approximately 600 retail stores in seven states in the Midwest and Southeast. Through consulting and licensing agreements, the Company is also affiliated with more than 200 stores in Korea and approximately 400 locations in Malaysia. For more information, visit Dairy Mart's web site at www.dairymart.com. |
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