MIDDLETOWN – BNS Holding Inc. today said its board of directors has approved a plan to reduce the number of shareholders, to eliminate the company’s obligation to file reports with the U.S. Securities and Exchange Commision
President and CEO Michael Warren cited “significant cost savings” and a “reduced administrative burden.” BNS said it would continue to provide quarterly reports and annual audited financial statements, via a company Web site, but those documents would be less detailed.
After buying out holders of fewer than 200 shares, at $13.62 per share, BNS said it would have fewer than 300 shareholders.
The transaction is subject to shareholder approval and SEC filing requirements. The company said it anticipates its stock (OTCBB: BNSIA.OB) would continue to be quoted on the Pink Sheets.
BNS Holding Inc., the former owner of Brown & Sharpe Mfg. Co., has an 80-percent interest in specialty vehicle manufacturer Collins Industries Inc. (www.collinsindustries.com). Details of the planned changes are available at BusinessWire.com.