Notes:
"Katy intends to treat stockholders holding its common stock in street name in the same manner as record holders."Source: Preliminary Proxy 10/10/2008
Financing: "It is expected that the entire $482,000 estimated to be necessary to pay the Cash Out Price to the Cashed Out Holders and Continuing Holders will come from the Company’s credit facility... The Company entered into a $50.6 million credit facility with Bank of America on November 30, 2007 (the “Credit Agreement”), which consists of a $10.6 million term loan (“Term Loan”) and a $40.0 million revolving loan (“Revolving Credit Facility”), including a $10.0 million sub-limit for letters of credit. The Company’s Term Loan balance immediately prior to the Credit Agreement was $10.0 million. The annual amortization on the new Term Loan, paid quarterly, is $1.5 million with final payment due November 30, 2010. The Term Loan is collateralized by the Company’s property, plant and equipment." - Source: Preliminary Proxy 10/10/2008
Effective January 30, 2009, Philip D. Reinkemeyer, former Director of Financial Reporting and Treasurer of Katy Industries, Inc.
Definitive proxy filed on Feb. 17, 2009. Special shareholders meeting to be held March 19, 2009 to vote on the deal.
Cancelled! On March 12, 2009, the company announced the deal was no longer in the best interests of the Company. "This decision was due primarily to a change in the number of shares to be exchanged for cash in the Reverse Stock Split, which resulted in a substantial increase in the cost and expense of the Reverse Stock Split as compared to what was originally anticipated."