|Journal Communications, Inc. Acquires All Outstanding Class C Shares|
“This transaction simplifies our capital structure and allows us to
remove a class of stock that had enhanced voting and other rights,” said
The Class C shares were first issued at the time of the company’s initial public offering in 2003 and had rights that included, among others, a minimum dividend, rights to approve strategic transactions or to receive a premium in the event of a strategic transaction, conversion rights, two votes per share, and a right to designate a board nominee. The Class C rights were terminated with this transaction.
The transaction reduced the number of outstanding shares by 3,264,000 shares and will have a positive effect on the company’s reported earnings per share (EPS).
The Company was advised by
Journal Communications, Inc.
|"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Journal Communications, Inc.'s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.|