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Stock Market & Financial Investment News

News Breaks
December 11, 2012
18:42 EDTDBLEDouble Eagle announces receipt of consents on proposed amendments
Double Eagle Petroleum announced that its consent solicitation with respect to proposed amendments to the Articles Supplementary of 9.25% Series A Cumulative Preferred Stock was approved by a majority of outstanding preferred shareholders. The consent solicitation expired at 5:00 p.m., MT, on December 10 and as of that time, holders of 52.64% of the 9.25% Series A Cumulative Preferred Stock had validly delivered a duly executed consent for the proposed amendments. As a result of the approval of the proposed amendments, the company will amend the Articles Supplementary of 9.25% Series A Cumulative Preferred Stock to modify the circumstances under which the Preferred Stock will be subject to mandatory redemption following a change of ownership or control. The approved amendments also provide for the extension of the date upon which to the company can exercise its right to redeem the Preferred Stock from June 30 to September 30, 2013.
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