All proposals passed, some with very small percentage margins because non-votes by brokerage firms counted against items (and some people voted against them as protests).
Kelly Walters, president, answered questions.
Board members are clueless. Said what a great board SPPR has and how hard they work at modest pay. Said that IRSA, the Argentina company that owns the class C preferred, is involved on a daily basis. They think that the stock is under-valued and at least one director said that he would exercise rights to buy shares at $1.60, the rest sat on their hands.
The company frittered away $20 million from the class C purchase by IRSA and said it was just a bad market that caused the stock offering last fall to fail. IRSA backing out of pledge to buy $30 million of offering was said to have been a "maybe we'll buy" and not a pledge.
Company needs capital but who wants to give capital to a company that can't handle caplital? Last falls attempt to raise funds not only failed but cost $2 million which caused the cash crunch which caused the suspended the preferred dividends, necessitated the $2 million loan which reset the conversion on the class C convertible from $8 to $1.60 per share. And the board thinks that it is doing a great job.
No suggestion as to when preferred dividends might be resumed.