TPTX » Topics » How many votes are needed to approve the Plan of Dissolution?

This excerpt taken from the TPTX DEF 14A filed Jun 19, 2009.

How many votes are needed to approve the Plan of Dissolution?

To be approved, the Plan of Dissolution must receive “For” votes from the holders of a majority of issued and outstanding shares of our common stock entitled to vote either in person or by proxy. Abstentions and broker non-votes will have the same effect as votes “Against” the proposal to approve the Plan of Dissolution. As of the record date, there were 15,999,058 shares outstanding, of which the directors and executive officers of the Company beneficially owned and are entitled to vote, in the aggregate, 5,916,946 shares, representing 37% of the outstanding shares. The directors and executive officers have informed us that they intend to vote all of their shares of the Company’s common stock “For” the approval of the Plan of Dissolution.

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