The proxy statement for TCS Enterprises Inc.’s...

The proxy statement for TCS Enterprises Inc.’s annual shareholders meeting scheduled for Aug. 28 shows Lincoln Savings and Loan of Phoenix as the largest single shareholder with 23.9% of outstanding TCS shares. That’s an increase from the 19.2% of shares outstanding owned by Lincoln as of the company’s fiscal year end Oct. 30 as shown on the company’s annual report.

Judy Harper, TCS vice president of finance, said Lincoln’s higher percentage did not come about through a purchase of more TCS shares. The fiscal year-end computation done by Harper was on a fully diluted basis that took into account all stock options available to TCS executives. The computation in the proxy statement, done by TCS’s law firm, figured Lincoln’s shares only as a percentage of those issued and outstanding.

Lincoln acquired the TCS shares when the financial-services company became publicly owned in April, 1985, Harper said.

The proxy statement also disclosed that TCS subsequently invested $400,000 in a limited partnership headed by a subsidiary of Lincoln Savings. The partnership was formed to renovate the Hotel Ponchartrain in downtown Detroit.