The board of directors of Greenwich-headquartered Blyth Inc. have put forward a reverse stock split of the company’s common stock.
Blyth is a designer and marketer of home products and convenience items.
According to the company”™s management, a reverse stock split is meant to benefit stockholders by making the company”™s common stock more attractive to a broader range of investors.
The reverse stock split is subject to shareholder approval.
|
 |
The company”™s board of directors has also approved a reduction in the company’s number of authorized shares from 110 million to 60 million, 50 million of which will be common shares and 10 million of which will be preferred shares.
The reduction in the number of authorized shares is also subject to shareholder approval and is conditioned upon stockholder approval of the reverse stock split.
Blyth plans to hold a special meeting of stockholders and would complete the reverse stock split and reduction in the number of authorized shares at the end of Jan. 2009, the end of the its fiscal year, subject to market conditions.
Blyth’s board of directors has set Dec. 3 as the record date for stockholders entitled to receive a proxy statement and vote at the special meeting.
