Crossed at 12:12. Along with this morning's 150K block, it makes me wonder in Steel has decided to buy the 1.4M shares on the open market that the company authorized. If it is Steel, they will have to file an amended 13D in the next few days, so we should know.
The company authorized Steel buying the 1.4 mm shares as part of the entire deal. The deal is subject to shareholder approval- which hasn't happened yet. . I don't think Steel can be buying shares yet because the deal isn't done.
belco, here's a clip from the company's proxy statement. I don't see anything on there about shareholders having to approve the 1.4M share buy. The company already did that.
To the Stockholders of ModusLink Global Solutions, Inc.:
NOTICE IS HEREBY GIVEN that the 2012 Annual Meeting of Stockholders (the “2012 Meeting”) of ModusLink Global Solutions, Inc. (the “Company”) will be held at Norton’s Woods Conference Center at the American Academy of Arts and Sciences, 136 Irving Street, Cambridge, Massachusetts 02138, on March 12, 2013, at 9:00 a.m. Eastern time, for the following purposes:
1. To elect two Directors to serve in Class I until the 2015 Annual Meeting of Stockholders and until their respective successors are duly elected and qualified;
2. To amend the Company’s Restated Certificate of Incorporation to declassify the Board of Directors;
3. To approve, on an advisory basis, the compensation of our named executive officers;
4. To approve the sale and issuance of 7,500,000 shares of the Company’s common stock at a price of $4.00 per share and warrants to purchase 2,000,000 shares of the Company’s common stock at an exercise price of $5.00 per share, and the issuance of such shares upon exercise of such warrants, to Steel Partners Holdings L.P. (“Steel Holdings”), an affiliate of Handy & Harman Ltd. (“HNH”);
5. To ratify the appointment of KPMG LLP as the Company’s independent registered public accounting firm for the current fiscal year; and
6. To transact such other business that may properly come before the 2012 Meeting or any adjournments or postponements thereof.
The Board has no knowledge of any other business to be transacted at the 2012 Meeting. Only stockholders of record at the close of business on January 16, 2013 are entitled to notice of, and to vote at, the 2012 Meeting and any adjournments or postponements thereof. All stockholders are cordially invited to attend the 2012 Mee