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Aerosonic seeks to broaden financial base
By Times Staff Writer
Published July 11, 2005
Shareholders in Aerosonic Corp. are being asked to approve a major proposal concerning the company's capital structure at this week's annual meeting in Tampa.
The Clearwater company, which makes aircraft instrumentation, wants to expand its pool of common shares to 40-million from 8-million; it also wants the right to issue up to 10-million shares of "blank check" preferred stock. The shares might allow Aerosonic to acquire new businesses or fend off hostile takeover attempts.
Aerosonic said the expanded capital base will be critical as it explores "strategic growth alternatives." The company recently hired Raymond James & Associates, as well as the New York law firm of Buchanan Ingersoll, to help it review its options.
Aerosonic is emerging from a turbulent two years, during which it revised four years of financial statements, removed two longtime executives and was the focus of a Securities and Exchange Commission investigation. The SEC filed fraud charges against the former executives but ended its investigation with no action against the company.
Shareholders can vote on Aerosonic's stock proposal before or during the meeting at 10 a.m. Thursday at Tampa Marriott Waterside.
[Last modified July 8, 2005, 18:52:01]
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