Hector Communications Corporation Reports Results of Shareholders' Vote
26 May 2004 - 1:18AM
PR Newswire (US)
Hector Communications Corporation Reports Results of Shareholders'
Vote HECTOR, Minn., May 25 /PRNewswire-FirstCall/ -- The Annual
Meeting of the Shareholders of Hector Communications Corporation
was held on May 20, 2004 in Eden Prairie, MN. The total number of
shares outstanding and entitled to vote at the meeting was
3,608,813 of which 3,517,997 were present either in person or by
proxy. Shareholders re-elected board members James O. Ericson, Paul
N. Hanson and Wayne E. Sampson to three-year terms expiring at the
2007 Annual Meeting of Shareholders by the following vote: In Favor
Abstaining James O. Ericson 2,894,955 623,022 Paul N. Hanson
2,893,606 624,371 Wayne E. Sampson 2,894,705 623,272 Board members
continuing in office are Paul A. Hoff, Luella Gross Goldberg and
Gerald D. Pint (whose terms expire at the 2006 Annual Meeting of
Shareholders) and Curtis A. Sampson, Steven H. Sjogren and Ronald
J. Bach (whose terms expire at the 2005 Annual Meeting of
Shareholders). At the Annual Meeting action was also taken on a
shareholder proposal requesting the Company's Board of Directors to
either redeem Rights issued under the Company's Rights Plan or
submit continuation of the Rights Plan to a vote of the
shareholders at a special shareholders meeting. Rights Plans are
also known as poison pills and are used by companies as a defense
against unsolicited takeovers. At the Annual Meeting 1,190,364
shares (33% of all outstanding shares) voted in favor of the
proposal requesting redemption of the Rights, 1,142,136 shares (32%
of all outstanding shares) voted against the proposal and 1,276,313
shares (35% of all outstanding shares) abstained or did not vote on
the shareholder proposal. The Company's Board of Directors expects
to consider the Rights Plan and the results of the voting on the
shareholder proposal at its next scheduled board meeting in July.
Hector Communications Corporation is a telecommunications holding
company which, through its wholly-owned subsidiaries, provides
telecommunications services in rural communities in Minnesota,
Wisconsin and North Dakota. The Company presently serves
approximately 29,800 telephone access lines and 9,000 cable
television subscribers and has minority ownership interests in many
other telecommunications companies. From time to time in reports
filed with the Securities and Exchange Commission, in press
releases, and in other communications to shareholders and the
investing public, the Company may make statements regarding the
Company's future financial performance. Such forward-looking
statements are subject to risks and uncertainties, including but
not limited to, the effects of the Telecommunications Act, new
technological developments which may reduce barriers for
competitors entering the Company's local exchange or cable
television markets, higher than expected expenses and other risks
involving the telecommunications industry generally. All such
forward-looking statements should be considered in light of such
risks and uncertainties. DATASOURCE: Hector Communications
Corporation CONTACT: Curtis A. Sampson, Chairman and Chief
Executive Officer, Steven H. Sjogren, President, or Paul N. Hanson,
Vice President and Treasurer, all of Hector Communications
Corporation, +1-320-848-6231
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