Lee: No reverse split
Lee Enterprises Inc., parent of the St. Louis Post-Dispatch, has decided against a reverse stock split.
At the annual meeting in March, shareholders gave Lee’s board of directors until June 30 to consider a split that would convert between five and 10 shares into one.
The split proposal was approved three months after the New York Stock Exchange notified Lee, based in Davenport, Iowa, that it did not meet the listing standard of having at least a $1 closing price over a 30-day trading period. The board considered market conditions and other factors in its decision, said Mary Junck, chairman and chief executive paydayloans. "We believe our long-term prospects remain strong and will become apparent to more investors as the recession begins to recede," she said.
On Tuesday, the NYSE also announced that it would suspend the $1 price rule through July 31. Lee has until Dec. 3 to return to compliance. Lee closed Tuesday at 53 cents per share.
(staff reports)
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