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Phillips’ shareholders approve a new stock issues.

The Bartlesville, Okla.-based oil company said it will split its common stock three for one and issue $300 million in preferred shares to holders of its common stock as part of the company’s recapitalization plans. Shareholders voted at the company’s annual meeting Wednesday, but tabulation of votes was delayed because of heavy last-minute voting and a high number of duplicate votes, the company said. A management proposal that would have allowed shareholder action by written consent failed.


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