ORLANDO, Fla. – BNS Holding Inc. (OTCBB: BNSIA) announced yesterday at its annual shareholder meeting that the company would undergo a reverse and then forward stock split to reduce the number of its shareholders to fewer than 300. At that point, the company said in a release, it would not need to make any Securities and Exchange Commission filings, while remaining publicly traded on the Pink Sheets.
The first transaction will be a 1-to-200 reverse stock split of the company’s Class A common stock for those shareholders of record on Aug. 2. Any shareholder owning fewer than 200 shares on Aug. 2, before the reverse split, will be paid $13.62 per share. Immediately following the reverse split and the buyout of the shareholders with fewer shares, the company will then do a 200-to-1 split.
Company President and CEO Michael Warren, in announcing the transaction, also announced that he was resigning, having “accomplished what I was hired to do,” he said in a statement.
The company merged with Collins Industries in October of last year, which Warren noted puts the company on solid footing going forward. “We are extremely excited about the prospects of this business.”
At the meeting of the company’s board of directors immediately following the shareholder meeting, Kenneth Kermes, current chairman of the board, was elected president and CEO. The company also moved its corporate address to Los Gatos, Calif.
BNS Holding Inc. is a holding company for Collins Industries, a specialty vehicle manufacturer whose products include ambulances, rescue vehicles, small school buses, terminal tractors and road construction equipment. For more information about the company, go to www.collinsind.com. For a complete description of the reverse/forward stock split, contact Kenneth Kermes, president and CEO at (401) 848-6300 or go to www.sec.gov.
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