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I just talked with a shareholder who attended Sirius XM?? annual shareholder meeting this morning. More than 150 people in attendance were at first greeted by a dozen banners, urging them to vote against a reverse split, which may be needed in 2009 to provent Sirius?? shares from being delisted from the Nasdaq. (Later, the banners were taken outside).
But despite some shareholders?objections, the majority of the stock owners approved a resolution to give the company’s management the authority to implement a reverse split and to issue additional shares as needed. All board members of Sirius have been re-confirmed, says my source. Despite expectations to the contrary, CEO Mel Karmazin did not provide any new information about how he plans to refinance nearly $1 billion in debt due next year.