LSB Industries Inc., Oklahoma City, on Sept. 22 announced the results of the special stockholder meeting in which stockholders approved the company’s transaction with LSB Funding LLC, an affiliate of Eldridge Industries LLC, to exchange the shares of LSB Series E-1 and Series F-1 Redeemable Preferred Stock held by Eldridge for shares of LSB common stock (GM July 23, p. 29).
“We are pleased that our shareholders have voted to approve our exchange transaction,” said Mark Behrman, LSB President and CEO. “In fact, each of the related proposals received affirmative votes of approximately 99 percent of the votes cast, reflecting the overwhelming support by investors in our stock for this transformative transaction. We view this transaction as a critical next step in our strategy aimed at creating a company that generates consistent growth in earnings and cash flow and delivers greater value for our stockholders.”
LSB said a total of 20.4 million common shares of the 27.1 million common shares issued (excluding those common shares held by Eldridge) at the record date of Aug. 2, 2021, were voted at the meeting, or 75.1 percent of the issued and outstanding common shares of the company at the record date, representing a quorum.