Vesta Insurance Group Announces Annual Meeting Date After Court Ruling

Strategic Insights -

Vesta Insurance Group, Inc., a leading provider of consumer-based insurance and financial services, has set November 17, 2005, as the date for its annual meeting of stockholders. This decision comes after an order from the Delaware Court of Chancery requiring the company to hold its annual meeting no later than November 17, 2005. The meeting will be held in Birmingham, Alabama, and will elect three directors, including Tambra L.G. Bailie, Norman W. Gayle, III, and Michael J. Gough.

Key Takeaways:

  • The annual meeting of Vesta Insurance Group's stockholders will take place on November 17, 2005, as mandated by a court order.
  • The meeting will be held in Birmingham, Alabama, and will elect three directors, including Tambra L.G. Bailie, Norman W. Gayle, III, and Michael J. Gough.
  • The company's Board of Directors has nominated the three directors for re-election to serve through the annual meeting in 2008.
  • Vesta Insurance Group has asked the Court to permit the annual meeting to take place on the original date of November 22, 2005.
  • The meeting will proceed using the special Delaware quorum rule, which requires only a majority of shares represented to constitute a quorum.

Statistics:

  • November 17, 2005 - date set for Vesta Insurance Group's annual meeting of stockholders.
  • 50% - quorum requirement set forth in Vesta's bylaws, which would require at least 50% of the company's outstanding shares to be represented at a meeting to constitute a quorum.
  • 3 - number of directors to be elected at the annual meeting.

Sources:

  • Vesta Insurance Group press release (Exhibit 99.1)
  • SEC filing - Form 8-K dated September 20, 2005
  • Delaware Court of Chancery order (unspecified date)
  • Vesta Insurance Group proxy statement for 2004 annual meeting (filed with SEC on April 29, 2004)
  • Comtex SmarTrend Alert (dated September 16, 2005)