Agere Systems Inc. (Allentown, PA) announced the preliminary results of voting at the company’s annual meeting yesterday. The six proposals under consideration were all approved by shareholders, including the proposals to reclassify the company’s two classes of common stock into a new, single class of common stock, the four alternative proposals to effect a reverse stock split and the proposal to make administrative changes to the company’s certificate of incorporation. Over 90% of the votes cast approved each of the proposals.
The board now has stockholder approval to reclassify the company’s stock and to implement a reverse split at one of four ratios -- 1 for 10, 1 for 20, 1 for 30 or 1 for 40. The board has not determined if or when to implement these proposals. The board can effect a reverse split at any time before the 2006 annual meeting.
