TAMPA, FL — Masonite, a manufacturer of residential and commercial doors, held a special meeting March 1 to allow its shareholders to vote on resolutions enhancing the company’s ability to go public at a future date.
The special resolutions included:
1) Enhancing Masonite’s public financial disclosure process.
2) Increasing the 290 shareholder limit to 490 and lowering the quorum needed to hold shareholder meetings from 25% to 15 %.
3) Pre-approval of changes that would be needed once Masonite secures a public listing.
Shareholders voted to approve all three measures by approximately 95% of votes cast.
These moves come on top of Masonite increasing its product positioning by introducing more than 100 new door products at the International Builders Show in Orlando, FL, held Jan. 22-24; year end net sales of $1.5 billion with a net income loss of $6.5 billion; as well 2011 aquistions of Marshfield Door Systems and Birchwood Best, to increase market reach.
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