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Peerless Mfg. Co. made a filing with the Securities and Exchange Commission to hold a special shareholder meeting. At the meeting, Peerless' shareholders will be asked to approve a reorganization of Peerless into a Delaware holding company structure. In the reorganization, Peerless would become a wholly owned subsidiary of PMFG, Inc., a newly formed Delaware corporation. The current business, operations and management of Peerless will not change as a result of the reorganization.
In the reorganization, the current shareholders of Peerless would receive two shares of PMFG common stock for each share of Peerless common stock that they own. As a result, the reorganization will have the same effect as a two-for-one stock split. The shares of PMFG common stock are expected to trade on the Nasdaq Global Market under the ticker symbol "PMFG," the same ticker symbol under which shares of Peerless common stock currently trade.
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