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First BanCorp pushes stockholder meeting to Sept. 9

After falling short on rounding up the required number of participants for its special stockholders meeting scheduled for Tuesday, when Hurricane Irene was still lashing Puerto Rico, First BanCorp will try again Sept. 9, company officials said.

The meeting seeks to obtain stockholder approval to issue 150 million shares of its common stock for $3.50 per share. The company needs a majority of First BanCorp’s outstanding common stock shareholders to be present at the special meeting, either in person or by proxy, to establish a quorum.

“Although [more than] 92 percent of the votes that have been received to date have been cast in favor of the proposal, approximately 46 percent of the outstanding shares have voted,” the company stated in a release in which it also announced a second attempt at meeting next month, at 11 a.m. at the Sheraton Puerto Rico Hotel & Casino.

“Stockholders who have already voted on the proposal do not need to take any further action. Stockholders who have not voted as of yet are encouraged to submit their votes, even if they have sold their shares subsequent to the record date,” the bank said.

Author Details
Author Details
Business reporter with 27 years of experience writing for weekly and daily newspapers, as well as trade publications in Puerto Rico. My list of former employers includes Caribbean Business, The San Juan Star, and the Puerto Rico Daily Sun, among others. My areas of expertise include telecommunications, technology, retail, agriculture, tourism, banking and most other segments of Puerto Rico’s economy.

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