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Supertel Hospitality, Inc. (SPPR) Message Board

  • spoonie_l spoonie_l May 30, 2014 7:34 PM Flag

    Preferred Representation On Board of Directors

    Class A Preferred has the right to 2 representatives on the board of directors when its dividends are 6 months in arrears. SPPR suspended the preferred dividends in December so the 6 months is up the end of June. It was asked at the annual meeting when the preferred would get representation on the board of directors and the company attorney said it would be at the next annual meeting unless there was a special meeting called before then. The Class B Preferred will share in the voting with the Class A Preferred on the two board members once the Class B is 6 quarters in arrears. These 2 potential board members are why the company felt the need to increase the maximum number of board members from 9 to 12 (or was it 11). There are currently 8 board members now, 4 named by IRSA. For a short period of time there were only 7 board members and they had to quick appoint an 8th board member before the end of the quarter so that IRSA didn't have to consolidate SPPR's financials into its financials.

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