MAIR increases size of board to 8, names shareholder to fill vacancy

By Lisa Kerner

Charlotte, N.C., Feb. 13 - MAIR Holdings, Inc. reached an agreement with Riley Investment Management, LLC to expand its board of directors to eight members from seven and appoint John Ahn to fill the newly created vacancy as well to sit on the nominating committee,

Ahn is a principal of Riley Investment Management, LLC and Riley Investment Partners Master Fund, LP, which owns approximately 4.4% of MAIR's common stock, according to a Form 8-K filing with the Securities and Exchange Commission.

Riley withdrew its demand for a special shareholders' meeting to increase the size of its board to 10 members and to adopt amendments to the company's bylaws.

MAIR said it would work with Ahn to fill the next vacancy on the board with a director "mutually acceptable to Mr. Ahn and all other board members."

Minneapolis-based MAIR operates as a holding company that offers regional air carrier services.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.