The 10 directors on the used car retailer’s board each acquired 1,907 restricted shares of common stock that will vest either a year after the grant date or the company’s next shareholders meeting, whichever comes first.
James River Coal (JRC)
The company filed its monthly operating report for May with the U.S. Bankruptcy Court for the Eastern District of Virginia. The report is related to the company’s filing last year for Chapter 11 bankruptcy protection.
As of May 31, the company had $8.2 million in cash and cash equivalents and $1.8 million in restricted cash. The bankruptcy court has approved payment of pre-petition obligations including employee wages, salaries and benefits, and the payment of vendors and other providers in the ordinary course for goods and services received after the Chapter 11 filing, as well as any other business-related expenses necessary to maintain business operations.
The packaging company reported the results of a stockholders’ vote on its proposed merger with Rock-Tenn Co. to form WestRock Company. Ninety-eight percent of shareholders voted for the proposal, representing about 83 percent of the total shares outstanding. Rock-Tenn shareholders likewise approved the proposal, with 97 percent voting in favor, representing about 80 percent of shares.
The merger was completed July 1 with the formation of WestRock, which began trading on the New York Stock Exchange under the ticker symbol WRK.
The manufacturing company announced the resignation of Nancy Taylor as president and CEO and as a member of the board of directors, and of Kevin O’Leary as vice president, CFO and treasurer. The board appointed member John Gottwald to serve as interim president and CEO and Andrew Edwards, CFO of United Sporting Companies since 2013, as vice president, CFO and treasurer.
Gottwald will receive an annual base salary of $396,000, prorated for the 2015 fiscal year. Edwards will receive an annual salary of $371,339.
As part of her separation agreement, Taylor will receive a lump sum cash payment of nearly $1.9 million, representing two times her annual base salary, her target bonus for 2015 and unused vacation days. O’Leary will receive a lump sum cash payment of more than $685,000.
Five directors on the company’s board purchased shares of common stock ranging from 456 to 743 at $22.11 per share. John Gottwald purchased 638 shares for a total of $14,106. His older brother, Bill Gottwald, chairman of the board, purchased 743 shares for a total of $16,427. Both Gottwalds distributed 2,100 shares through trusts to their respective beneficiaries.
Universal Corp. (UVV)
An annual shareholders meeting will be held Aug. 4 at 2 p.m. at the company’s headquarters, 9201 Forest Hill Ave. in the Stony Point II Building. Business on the agenda includes election of three directors and approval of executive compensation packages.
Xenith Bankshares (XBKS)
The parent of Xenith Bank disclosed that it is conducting a debt offering to raise $8.5 million to be used to redeem 8,381 shares of its preferred stock held by the U.S. Treasury under the Small Business Lending Fund program. The program was established by the government in 2010 as part of the JOBS Act and Xenith participated in it in 2011. The debt notes will bear interest at an annual fixed rate of 6.75 percent and will mature on June 26, 2025.