Dana shareholders OK reverse stock split

4/21/2009

ROMULUS, Mich. - Stockholders of Dana Holding Corp., Toledo, Tuesday voted in favor of allowing a reverse stock split at the annual shareholders’ meeting at a hotel at Detroit Metropolitan-Wayne County Airport.

The company proposed the reverse split in February as a possible means to keep its stock listed on the New York Stock Exchange. The share-price has been below $1 for the past few months, and the exchange had required the price be above that. It has since relaxed that standard.

The proposed passed by Dana shareholders would allow the firm to force holders to trade in 10, 15, or even 20 shares to receive a single new share. The company has said it may not implement the reverse split.

No vote results were released. Reporters were kept out of meeting, which is unusual move and marked the first time in at least a decade that a Toledo area company refused to admit reporters in an annual meeting.