@Track to Sell 30 Million Shares to U.K. Company

June 6, 2001
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
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.

About the Author

Tim Parry

Tim Parry is a former FleetOwner editor. 

Voice your opinion!

To join the conversation, and become an exclusive member of FleetOwner, create an account today!

Sponsored Recommendations

Boost truck leasing profits with telematics insights! Reduce maintenance costs, improve uptime, and strengthen customer relationships. Learn how data drives success.
This free guide outlines simple steps for hiring and onboarding commercial drivers while ensuring that you meet Regulation Part 391 and maintain fully compliant driver qualification...
Ready to boost fleet efficiency by up to 50%? Learn how AI-powered dispatch and next-gen tech are transforming TMS workflows, improving driver planning, and streamlining operations...
Gain a strategic edge in today’s evolving fleet landscape. Join us to explore how fuel cards are helping fleet managers cut costs, enhance control, and prepare for an electrified...