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John Wiley & Sons Inc. Message Board

  • maxsimm maxsimm Aug 12, 1998 3:31 PM Flag

    Proxy Statement

    I have not received my hardcopy proxy statement
    (Form 14A) yet for Sept annual meeting; but one is
    available from Edgar Online.

    Noted that Wiley wants
    to triple both the "A" & "B" shares authorized. I
    wonder if a stock split is under consideration? I hope
    so, but one must wonder what else might be
    up.

    Any thoughts?

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    • Just got my proxy statement, and I have to admit
      to being a bit confused. Of particular concern is
      this excerpt from page 17:

      "The additional
      shares to be authorized are not subject to preemptive
      rights. If such shares are issued other than pro rata to
      all existing shareholders, the voting and ownership
      interest of existing shareholders to whom such shares are
      not issued will be diluted."

      Is the proxy
      really saying that the board thinks it's in the best
      interest of shareholders to triple the authorized shares
      of stock, and thereby potentially dilute our shares
      to a third of their current voting power? Or is this
      sort of proposal necessary to allow JWA to split its
      stock up to 3:1?

      • 1 Reply to fliiboi
      • first, if you own class a shares, your votes are
        neglible. i think what it means is that they might be in a
        position to use their stock for currency in a transaction.
        several properties could be coming on the market in light
        of the FTC review of the AW/PH merger.

        also,
        they are continually granting stock options to key
        employees. when they grant stock to employees, we as
        shareholders do get proprtionaly receive more stock.

 
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