At its annual meeting of shareholders held on Dec. 6 in Hartford, Connecticut, Magellan Petroleum's shareholders overwhelmingly voted in favor of a resolution to authorize the Magellan board of directors to implement a reverse split of common stock.
Voted by a margin of greater than 3-to-1, the reverse split will occur at a ratio of not less than 1-for-2 and not greater than 1-for-10 at any time prior to December 31, 2009. The exact ratio will be determined by the board of directors.
"The Company is pleased that our shareholders voted overwhelmingly in favor of the resolution to give the Board the authority to implement a Reverse Split in the future, should circumstances warrant taking this step," said Chairman of the Board of Directors Walter McCann. "As we stated in our proxy statement and to shareholders attending the 2007 annual meeting, the board of directors believes that the continued listing of the company's common stock on the Nasdaq marketplace is of critical importance to shareholders.
"Any decision in the future to implement the reverse split will only be made to preserve the liquidity of the Nasdaq trading market for our stockholders, and then only if the implementation of a reverse split is determined by the board to be in the best interests of the Company and its shareholders."
At the 2007 Annual Meeting, the Magellan's shareholders also voted to re-elect Walter McCann and Ronald Pettirossi to the company's board of directors. The two gentlemen will hold office for a term of three years, expiring with the 2010 Annual Meeting of Shareholders, and to ratify the appointment of Deloitte & Touche LLP as the Company's independent auditors for the fiscal year ending June 30, 2008.
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