Stockholders of @Track Communications Inc., have approved management’s plan to sell 30-million shares of common stock to Minorplanet Systems PLC, which will become @Track’s majority stockholder and strategic partner.
Minorplanet is a mobile communications provider based in the United Kingdom with operations in Holland, Spain, France, Germany, Ireland and Australia. Stockholder approval enables @Track to proceed with the deal with U.K.-based Minorplanet, which is designed to bolster its financial position.
The stockholders also approved @Track's issuance of 11.25-million shares of common stock to the holder of approximately 75% of @Track's 13 3/4% senior notes in exchange for cancellation of such majority note holder's notes. The transactions with Minorplanet and the majority note holder had been entered into on February 14, but were subject to stockholder approval.
The company currently anticipates the closing of the transaction with Minorplanet and the majority note holder to take place on June 19.