National Can Corp. has violated New York Stock Exchange rules by giving disproportionate voting power to the holders of preferred stock that the company issued last week, said William R. Bors, managing director of the NYSE`s corporate liaison division. However, the exchange will not delist National Can`s stock until the Chicago company has had a chance to appeal, he said. Frank Considine, chairman and president, said National Can hasn`t been formally notified of the violation, however, ”as long as there`s a process to appeal the decision, we will appeal.” The NYSE is reviewing its policies, and the appeal would be delayed until that review is complete and any changes are approved by the Securities and Exchange Commission, Bors said. This process is expected to take several months. National Can could be delisted sooner if, as a result of the tender offer launched last week, fewer than 600,000 shares are publicly held or there are fewer than 1,200 holders of 100 shares or more, Bors said. The preferred stock that violates the exchange`s rules was issued by National Can to its new employee stock ownership plan in connection with the tender offer. The 1 million shares issued have voting power equal to 4 million common shares, and their issuance lowered the voting power of holders of common shares, the company said.
![Claudia Perez’s children could count on one hand the number of times they had seen their father cry. The day their mother left was one of them. Perez had worked her whole life for a dream that did not come true: Save enough money to take her family back to Mexico and live together in the town where they were all born. Instead, on a cold February day, she stepped onto a bus in Brighton Park and said goodbye, making the difficult choice between her loved ones in Mexico and her family in Chicago. “Don’t leave my love. No te […]](https://www.chicagotribune.com/wp-content/uploads/2024/04/ctc-VHR5442_183545767.jpg?w=525 "Claudia Perez’s children could count on one hand the number of times they had seen their father cry. The day their mother left was one of them. Perez had worked her whole life for a dream that did not come true: Save enough money to take her family back to Mexico and live together in the town where they were all born. Instead, on a cold February day, she stepped onto a bus in Brighton Park and said goodbye, making the difficult choice between her loved ones in Mexico and her family in Chicago. “Don’t leave my love. No te […]")
