CASPER
New member
Group Targets Sirius Stock Moves
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The shareholder group SaveSirius.org kept up its pressure on the satellite radio entity, saying on Monday that it sent letters to the Sirius XM board of directors outlining a series of demands tied to the company's upcoming shareholder meeting.
The demands include a request that Sirius XM postpone a shareholder vote that seeks approval to further dilute the company's common stock by increasing the number of shares in the fully diluted float from 4.5 billion to 8 billion. The demands also include a delay for Sirius XM's proposed reverse stock split, which if implemented would range from 1 for 10 to 1 for 50.
The group also demanded that "in light of the abysmal stock performance and dire financial situation" that all stock compensation plans and other bonuses be suspended. SaveSirius also said those plans and bonuses should not be reinstated until they can be aligned with the concept of performance based compensation.
As of press time, Sirius had not responded to inquiries about the SaveSirius letter.
The letter is the latest in a volley of activity from the group. In addition, a derivative lawsuit was filed in U.S. District Court by SaveSirius founder Michael Hartleib challenging the company.
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The shareholder group SaveSirius.org kept up its pressure on the satellite radio entity, saying on Monday that it sent letters to the Sirius XM board of directors outlining a series of demands tied to the company's upcoming shareholder meeting.
The demands include a request that Sirius XM postpone a shareholder vote that seeks approval to further dilute the company's common stock by increasing the number of shares in the fully diluted float from 4.5 billion to 8 billion. The demands also include a delay for Sirius XM's proposed reverse stock split, which if implemented would range from 1 for 10 to 1 for 50.
The group also demanded that "in light of the abysmal stock performance and dire financial situation" that all stock compensation plans and other bonuses be suspended. SaveSirius also said those plans and bonuses should not be reinstated until they can be aligned with the concept of performance based compensation.
As of press time, Sirius had not responded to inquiries about the SaveSirius letter.
The letter is the latest in a volley of activity from the group. In addition, a derivative lawsuit was filed in U.S. District Court by SaveSirius founder Michael Hartleib challenging the company.