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Industry: Email Alert RSS FeedSaga Communications announces approval for reverse stock split
Corporate IT Update, Dec 30, 2008
CORPORATE IT UPDATE-(C)1995-2008 M2 COMMUNICATIONS LTD
Saga Communications Inc, a broadcasting company that acquires, develops and operates broadcast properties, announced on 30 December that its board has authorised a reverse split of stock for the purpose of providing the company with flexibility with respect to possible listing and trading opportunities.
The company said that the reverse stock split of its Class A and Class B common stock will at a ratio to be determined by the board of directors at not more than one-to-four.
The board has also reserved the right not to proceed with the reverse stock split if circumstances, such as market conditions, are unfavourable. A statement has been filed with the US SEC including further information.
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