Georgia Gulf (GGC) Authorizes To Increase The Number of Shares Outstanding
Georgia Gulf Corporation (NYSE: GGC) announced the results of a special meeting of its shareholders held today. Shareholders approved an amendment to the Company's charter increasing the number of authorized shares of common stock to 100 million. As previously disclosed, this amendment has caused the 30.2 million shares of convertible preferred stock issued by the Company in its recently completed debt exchange to automatically convert to common shares on a one-for-one basis. The Company now has approximately 33.0 million common shares outstanding, compared to approximately 2.7 million prior to today's shareholder approval.
In addition, shareholders approved a new equity incentive plan for the issuance of equity awards for up to 3.033 million shares of the Company's common shares to Company employees.
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