Lyndhurst, N.J. — New York metro area A/V chain Harvey Electronics has canceled its annual meeting of shareholders for the second time. A new annual meeting date will be announced shortly, the company said.
The meeting, originally scheduled for July 21, at which shareholders were scheduled to vote on a proposed $4 million capital investment and new board of directors, was canceled as a result of an insufficient number of shareholder responses. While the proposals were supported by an overwhelming majority of those stockholders who voted their shares, less than half of the outstanding common shares were voted directly by shareholders, the company said.
“Harvey Electronics has a large number of shareholders for a small cap company, many of whom have been difficult to contact in spite of the best efforts of the company and our proxy solicitor,” explained chairman Michael Recca. “Because a number of the important matters contained in our proxy statement, relating to the proposed capital investment required a majority of all shareholders to vote in the affirmative, we required a higher vote tabulation in order to receive approval for these initiatives.”
Harvey intends to file a new proxy statement with the Securities and Exchange Commission to place the proposals before the shareholders again.