Canterbury Park Holding Corporation Announces 2016 Annual Shareholders' Meeting Voting Results
30 June 2016 - 3:14AM
Business Wire
Canterbury Park Holding Corporation (NASDAQ: CPHC) (the
“Company”) today announced results of voting at its Annual
Shareholders’ Meeting held on June 28, 2016. Approximately 94.8 %
of all outstanding shares were present or represented by proxy at
the meeting.
The Company reported that shareholders approved the election of
each of the six director nominees recommended by the Board: Curtis
A. Sampson, Dale H. Schenian, Randall D. Sampson, Patrick R.
Cruzen, Burton F. Dalhberg, and Carin J. Offerman. Each director
nominee received affirmative votes from approximately 94% or more
of the shares voted, excluding abstentions and broker
non-votes.
Shareholders also approved each of the following four proposals
presented for shareholder action at the Annual Meeting:
- Shareholders approved the
reorganization of the Company’s business into a holding company
structure pursuant to an Agreement and Plan of Merger, dated as of
March 1, 2016, among the Company, New Canterbury Park Holding, a
Minnesota corporation, and Canterbury Park Entertainment, LLC, a
Minnesota limited liability corporation. Of the shares voted on
this proposal, 99% were voted in favor of this proposal, which
represented more than 76% of all outstanding shares.
- Shareholders approved the acquisition
of shares of Company common stock in 2015 by investment advisory
firms affiliated with Mario J. Gabelli (the “Gabelli Group”) that
constituted a Control Share Acquisition under the Minnesota Control
Share Acquisition Act (“CSAA”) that raised their ownership stake in
the Company from approximately 18% to approximately 24% of all
Company shares. The Gabelli Group’s Control Share Acquisition was
approved by 96% of all shares voted at the meeting and, in a
separate vote required by the CSAA, by approximately 57% of all
outstanding shares held by persons other than the Gabelli Group and
executive officers of the Company considered be to be Interested
Shareholders under the CSAA for purposes of the second vote.
- Shareholders also ratified Wipfli LLP
as the Company’s independent registered public accounting firm,
with affirmative votes from approximately 99% of the shares that
were present in person or represented by proxy at the meeting and
entitled to vote.
- Finally, on an advisory basis,
shareholders approved the executive compensation policies and
practices of the Company as described in its 2016 proxy statement,
with approximately 98% of the shares present in person or
represented by proxy voting in favor of this proposal.
The official voting results for each of these proposals will be
disclosed in a Form 8-K Report with the Securities and Exchange
Commission.
Following the shareholders’ meeting, President & CEO Randy
Sampson reported to the shareholders present on the Company’s
business including its real estate development activities, by means
of a power point presentation. This power point presentation can be
viewed at www.canterburypark.com/investorrelations.
About Canterbury
Park:Canterbury Park Holding Corporation owns and
operates Canterbury Park Racetrack, Minnesota’s only thoroughbred
and quarter horse racing facility. The Company’s 69-day 2016 live
race meet begins on May 20 and ends September 17. In addition,
Canterbury Park’s Card Casino hosts “unbanked” card games 24 hours
a day, seven days a week, offering both poker and table games. The
Company also conducts year-round wagering on simulcast horse racing
and hosts a variety of other entertainment and special events at
its facility in Shakopee, Minnesota. For more information about the
Company, please visit www.canterburypark.com.
Cautionary
Statement:
From time-to-time, in reports filed with the Securities and
Exchange Commission, in press releases, and in other communications
to shareholders or the investing public, we may make
forward-looking statements concerning possible or anticipated
future financial performance, prospective business activities or
plans which are typically preceded by words such as “believes,”
“expects,” “anticipates,” “intends” or similar expressions. For
such forward-looking statements, we claim the protection of the
safe harbor for forward-looking statements contained in federal
securities laws. Shareholders and the investing public should
understand that such forward-looking statements are subject to
risks and uncertainties which could affect our actual results and
cause actual results to differ materially from those indicated in
the forward-looking statements. Such risks and uncertainties
include, but are not limited to: material fluctuations in
attendance at the Racetrack, decline in interest in wagering on
horse races at the Racetrack, at other tracks, or on unbanked card
games offered at the Card Casino, competition from other
venues offering unbanked card games or other forms of wagering, a
greater than anticipated expenses or lower than anticipated return
on our development of our underutilized land. competition from
other sports and entertainment options, increases in compensation
and employee benefit costs, increases in the percentage of revenues
allocated for purse fund payments, higher than expected expenses
related to new marketing initiatives, the impact of wagering
products and technologies introduced by competitors, legislative
and regulatory decisions and changes, the general health of the
gaming sector, and other factors that are beyond our ability to
control or predict.
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Canterbury Park Holding CorporationRandy Sampson,
952-445-7223
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