RICHMOND, Va., Oct. 6 /PRNewswire-FirstCall/ -- Massey Energy Company (NYSE: MEE) announced the results from its Special Meeting of Stockholders (the "Special Meeting") held today.
The Company is pleased to announce that the following proposals received the requisite percentage of votes at the Special Meeting: (i) declassification of the Board of Directors; (ii) removal of supermajority vote provisions related to stockholder amendment of bylaws; (iii) removal of supermajority vote provisions related to stockholder approval of certain business; (iv) removal of the prohibition of the right for stockholders to request special meetings of stockholders; and (v) increase of authorized shares of common stock to 300,000,000 shares.
Massey Lead Independent Director, Admiral Bobby Inman, said, "We are pleased that these proposals have been approved. They build upon our existing strong corporate governance foundation and benefit our stockholders. We would like to thank all of our stockholders who voted in favor of each of the proposals."
Although the proposal to eliminate cumulative voting was approved by holders of approximately 74% of the outstanding shares of Massey common stock, this was less than the required 80% vote and accordingly, this proposal did not pass.
Detailed voting results will be included in a Current Report on Form 8-K to be filed with the Securities and Exchange Commission.
Massey Energy Company, headquartered in Richmond, Virginia, with operations in West Virginia, Kentucky and Virginia, is the largest coal producer in Central Appalachia and is included in the S&P 500 Index.
SOURCE Massey Energy Company