Wellco Enterprises, Inc. Announces Death of Major Shareholder and Director, and Change in Control
30 Junho 2005 - 5:54PM
Business Wire
Wellco Enterprises, Inc. (AMEX: WLC) today announced that the death
on June 14, 2005 of Mr. James T. Emerson, formerly the majority
owner of the common shares of Wellco and a director, has resulted
in a change in control of Wellco as well as a vacancy on its Board
of Directors. Based on a Schedule 13D received by the Registrant on
June 30, 2005, Sarah E. Lovelace, as Executor of the Estate of
James T. Emerson, deceased, is the beneficial owner of 747,084 of
the common shares of the Registrant. These 747,084 shares represent
58.8% of the total issued and outstanding common shares of the
Registrant. As executor of the Estate, Sarah E. Lovelace has sole
power to vote and to dispose of these 747,084 shares. As provided
by the Registrant's Charter, the remaining members of the Board of
Directors (eight persons) may by majority vote fill the vacancy
until the next annual meeting of shareholders (November 15, 2005).
To date, the remaining members of the Board of Directors have not
filled the vacancy.
Wellco (AMEX:WLC)
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