SIRIUS XM Gets Closer To Reverse Stock Split (SIRI)

In most years, shareholder meetings are not full of much change.  This year has been very different in that manner, and SIRIUS XM Radio Inc. (NASDAQ: SIRI) just sealed its share fate on the share count and on a split as it voted to increase the authorized share count and then making an adjustment that would allow for a  pending reverse stock split.

Shareholders approved an amendment to its certificate of incorporation to increase the number of authorized shares of common stock from 8,000,000,000 to 9,000,000,000 shares.  The group also approved an amendment to SIRIUS’s certificate of incorporation to permit the Board of Directors to do a reverse stock split of its common stock and reduce the number of authorized shares of its common stock.  The shareholders approved the long-term incentive plan and shot down a proposal that would put executive pay packages up for a vote.

The company also elected twelve directors: (Joan L. Amble, Leon D. Black, Lawrence F. Gilberti, Eddy W. Hartenstein, James P. Holden, Chester A. Huber, Jr., Mel Karmazin, John W. Mendel, James F. Mooney, Gary M. Parsons, Jack Shaw and Jeffrey D. Zients). An affiliate of Liberty Media Corporation, the holder of the Company’s Convertible Perpetual Preferred Stock, Series B-1, previously appointed David J.A. Flowers, Gregory B, Maffei and John C. Malone as members of the Company’s board of directors.

Jon C. Ogg