Cyclacel holder requests special meeting for holders of 6% preferreds

By Jennifer Chiou

New York, Aug. 13 - Cyclacel Pharmaceuticals, Inc. announced that it received a request from a holder of more than 10% of its 6% convertible exchangeable preferred stock seeking a special meeting to elect two directors to the company's board.

On July 20, the company's board of directors said it decided against declaring the quarterly cash dividend on the preferreds that would have been payable on Aug. 1.

Because the company has failed to pay six quarterly dividends on the preferreds, the size of the company's board may be increased by two members, and the holders have the right to vote to fill the two vacancies until the company pays all accrued dividends.

The special meeting will take place on Oct. 4. The election would normally take place at the company's annual meeting, but the holders' right to elect directors occurred more than 90 days before the next meeting of stockholders.

Based in Berkley Heights, N.J., Cyclacel develops treatments for cancer and other disorders.

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