Proposal to grant Sirius Satellite Radio board authority to raise...
Proposal to grant Sirius Satellite Radio board authority to raise number of issuable common shares to 500 million from 200 million is up for shareholder vote at June 21 annual meeting in N.Y.C., company said in preliminary proxy statement…
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filed with SEC Fri. Company had 161,580,493 shares outstanding April 30, filing said. It said board adopted resolution Fri. recommending that proposal be adopted on ground it would give company “flexibility” to issue common stock for variety of purposes without need for immediate shareholder action. However, it acknowledged that issuing additional shares could have “dilutive” effect on shareholder voting power. Increase in authorization of shares shouldn’t be construed as antitakeover move as no such action is expected, filing said.