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Haights Cross Communications announces agreement with shareholders

July
6

Haights Cross Communications, a White Plains-based publisher of educational and library products, has made a deal with its key investors that would simplify its stock structure, remake its board of directors and dismiss a lawsuit by certain shareholders that was filed in March.

If the agreement is completed, holders of the company’s Series B Senior Preferred Stock would own about 82 percent of the outstanding shares of common stock. Current holders of Series A and Series C Preferred Stock would own 15 percent of outstanding shares. Management would own the remaining 3 percent.

Also, a new six-member board of directors would by led by current Chairman and Chief Executive Officer Peter J. Quandt and include five other people designated by former Series B and Series A shareholders. In addition, the Series B shareholders would drop their legal action.

This entry was posted on Friday, July 6th, 2007 at 4:34 pm by Julie Moran Alterio.
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Business in the Burbs is our online news blog about businesses based or operating in the Lower Hudson Valley. Visitors here will also find items of interest to consumers in the region. Most contributions are from business reporters and editors covering Westchester, Rockland and Putnam counties.

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