Phoenix Footwear Group, Inc. announced that it has set a record date of Jan. 31, 2011 for stockholders of record affected by the proposed reverse split of the company's common stock intended to take the company private.
The reverse split and forward split described below are to be considered by stockholders at the upcoming Special Meeting of Stockholders on Jan. 28, 2011. If approved by stockholders, each 200 shares of the company's common stock will be converted under the terms of the reverse split into one share of common stock and holders of record with fewer than 200 shares of common stock on the record date will receive cash of 75 cents per pre-split share.
Immediately following the reverse split, the company will effect a 200-for-1 forward split so that the number of shares held by each holder of at least one share of common stock following the reverse split will ultimately be unchanged.
Phoenix Footwear's brands include Trotters, SoftWalk, and H.S. Trask.
