Printer Friendly

CANNON EXPRESS BOARD OF DIRECTORS APPROVES DUAL CLASS STOCK PLAN

CANNON EXPRESS BOARD OF DIRECTORS APPROVES DUAL CLASS STOCK PLAN
 SPRINGDALE, Ark., Oct. 21 /PRNewswire/ -- Cannon Express (NASDAQ: CANX) announced today that its board of directors has unanimously approved a dual class stock plan which will be the equivalent of a two-for-one stock split and will establish a new class of non-voting common stock.
 Under the plan, the company's existing common stock will be reclassified as Class A voting stock, and one share of non-voting Class B stock will be distributed for each share of voting stock outstanding. The number of total shares of issued capital stock would double from approximately 2.2 million to approximately 4.4 million.
 Implementation of the dual class stock plan will not change the relative voting power or equity position of any existing shareholder.
 The new Class B common stock will be substantially similar to the existing common stock except that the new stock will be non-voting. In addition, the non-voting stock will have certain features designed to reduce or eliminate the economic reasons for the two classes of stock to trade at materially different prices. Stephens Inc., Little Rock, Ark., served as the company's financial advisor in connection with the adoption of the dual class plan.
 "This plan is designed to promote the company's growth by increasing the company's flexibility in the future to issue common equity in financings, acquisitions and incentive compensation plans," commented Dean G. Cannon, president and chairman of the board.
 The plan will be submitted to shareholders for approval at the company's annual meeting on Nov. 17. Proxy materials describing the proposed plan and other routine matters will be mailed to shareholders on or about Oct. 20. It is presently anticipated that implementation of the dual class stock plan will occur as soon as practicable following shareholder approval.
 The company has received approval from the NASD to list the new Class B stock on the NASDAQ National Market System and it is expected that the Class B stock will be listed on such system.
 Cannon Express is an irregular route truckload carrier headquartered in Springdale, Ark., transporting a wide range of general commodities primarily in the eastern one-half of the United States.
 -0- 10/21/92
 /CONTACT: Dean G. Cannon, president of Cannon Express, 501-751-9209/
 (CANX) CO: Cannon Express ST: Arkansas IN: TRN SU:


BR-CF -- AT001 -- 2635 10/21/92 07:32 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 21, 1992
Words:394
Previous Article:THE PAN PACIFIC HOTEL SAN FRANCISCO WELCOMES HOLIDAY SHOPPERS
Next Article:GERIATRIC & MEDICAL CENTERS, INC. REPORTS FIRST QUARTER FISCAL 1993 RESULTS
Topics:


Related Articles
TECUMSEH PRODUCTS COMPANY APPROVES RECAPITALIZATION
/C O R R E C T I O N -- CANNON EXPRESS/
CANNON EXPRESS REPORTS RESULTS
CANNON EXPRESS RAISES STARTING PAY FOR EXPERIENCED DRIVERS
CANNON EXPRESS, INC. ANNOUNCES RECAPITALIZATION PLAN
CANNON EXPRESS, INC. SHAREHOLDERS APPROVE RECAPITALIZATION PLAN
CANNON EXPRESS ANNOUNCES RESULTS
Cannon Express Inc. Reports Earnings
Cannon Express Begins Trading Today on Amex
Arizona firm buys control of Springdale's Cannon. (Trucking & Transportation).

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters