Cadence Bank Announces Adjournment of its Special Meeting
Rhea-AI Summary
Cadence Bank (NYSE: CADE) announced the adjournment of its special meeting of shareholders until March 26, 2025. The adjournment aims to allow additional time to solicit proxies from preferred shareholders for Proposal 2, which would authorize the Board to implement stock repurchases under Regulation H.
Common shareholders have already approved Proposals 1, 2, 3, and 4 at the December 30, 2024 meeting, while preferred shareholders approved Proposal 4. The record date for voting eligibility remains November 8, 2024. Previously submitted valid proxies will continue to be valid for the reconvened meeting.
The reconvened virtual Special Meeting will be held at 8:45 a.m. Central Time, accessible through meetnow.global/MLVC22S. Preferred shareholders who haven't voted on Proposal 2 can contact Okapi Partners for assistance.
Positive
- Board seeking authorization for stock repurchase program implementation
- Common shareholders already approved all proposals
- Preferred shareholders approved Proposal 4
Negative
- Delay in obtaining preferred shareholders' approval for stock repurchase authorization
- Extended timeline for implementation of potential stock repurchases due to meeting adjournment
News Market Reaction
On the day this news was published, CADE declined 0.93%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
The proposal is described in more detail in the Company's proxy statement dated Nov. 19, 2024, furnished to the Company's shareholders in connection with the solicitation of proxies by the Company's Board of Directors for use at the Special Meeting. The Company's common shareholders approved Proposals 1, 2, 3 and 4 at the Special Meeting on Dec. 30, 2024, prior to adjournment, which was all of the business to be voted upon by common shareholders at the Special Meeting. The Company's preferred shareholders approved Proposal 4 prior to adjournment.
The record date for determining shareholders eligible to vote at the Special Meeting will remain the close of business on Nov. 8, 2024. Valid proxies submitted by Company preferred shareholders prior to the adjourned Dec. 30, 2024 Special Meeting will continue to be valid for purposes of the reconvened Special Meeting scheduled for Wednesday, March 26, 2025.
Company preferred shareholders as of the close of business on Nov. 8, 2024, who have not voted on Proposal 2 but wish to do so should contact Okapi Partners, the Company's proxy solicitor, at info@okapipartners.com or (855) 208-8902 (Toll-Free).
Attending the Virtual Special Meeting
The reconvened Special Meeting of the Company's preferred shareholders to vote on Proposal 2 will be held virtually on Wednesday, March 26, 2025, at 8:45 a.m. Central Time.
Preferred shareholders may attend and participate in the reconvened Special Meeting virtually by visiting the following web address, meetnow.global/MLVC22S, and entering the 15-digit control number found on the Notice of Internet Availability of Proxy Materials (Notice) received. Preferred shareholders who hold shares through an intermediary, such as a bank or broker, must register in advance using the instructions in the Notice materials.
About Cadence Bank
Cadence Bank (NYSE: CADE) is a leading regional banking franchise with approximately
Additional Information
This communication may be deemed to be additional solicitation material with respect to the special meeting. On November 19, 2024, the Company filed a definitive proxy statement with the Federal Deposit Insurance Corporation ("FDIC") in connection with the Special Meeting. SHAREHOLDERS ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THE PROXY STATEMENT AND ANY OTHER SOLICITING MATERIALS THAT ARE FILED WITH THE FDIC OR FEDERAL RESERVE WHEN THEY BECOME AVAILABLE BECAUSE THESE DOCUMENTS CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY AND THE PROPOSAL TO BE VOTED UPON. The Company's proxy statement and any other solicitation materials filed by the Company with the FDIC and Federal Reserve can be obtained free of charge on the Investor Relations section of our website at ir.cadencebank.com. Shareholders may also request a copy of these materials at no cost by contacting the Company at 201 South Spring Street,
Forward-Looking Statements
This press release may contain certain "forward-looking statements" including statements concerning plans, objectives, future events or performance and assumptions and other statements, which are statements other than statements of historical fact. The Company cautions readers that certain factors may have affected and could in the future affect actual results and could cause actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of the Company herein. For a list of factors which could affect the Company's results, see the Company's filings with the FDIC and Federal Reserve, including "Item 1A. Risk Factors," set forth in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023. You should not place undue reliance on any forward-looking statements. These statements speak only as of the date of this filing, even if subsequently made available by the Company on its website or otherwise. The Company undertakes no obligation to update or revise these statements to reflect events or circumstances occurring after the date of this press release.
View original content to download multimedia:https://www.prnewswire.com/news-releases/cadence-bank-announces-adjournment-of-its-special-meeting-302361241.html
SOURCE Cadence Bank
FAQ
When is Cadence Bank's (CADE) reconvened Special Meeting scheduled for?
What is the purpose of CADE's Special Meeting adjournment?
What proposals have already been approved at CADE's Special Meeting?
What is the record date for CADE shareholders to be eligible to vote?
How can CADE preferred shareholders participate in the reconvened Special Meeting?
