Badger Meter files application for listing on the ‘The Big Board’
Badger Meter Inc. has filed an application to list its common stock on the New York Stock Exchange (NYSE).
Pending approval of its application, Milwaukee-based Badger Meter anticipates that its stock will begin trading on the NYSE in mid-June, under its current symbol "BMI." Until that time, Badger Meter’s shares will continue to trade on the American Stock Exchange.
"We are honored to be eligible to join the many leading companies on the Big Board. Badger Meter has enjoyed a 37-year relationship with the American Stock Exchange that has served us well and has helped us to grow as a public company. However, with the increasing value of our shares, higher trading volume and improved financial performance, we believe our move to the NYSE is an appropriate next step that will give Badger Meter more visibility in the financial market and improve our stock’s liquidity," said Richard Meeusen, chairman, president and chief executive officer of Badger Meter.
In other business, shareholders voted to declassify Badger Meter’s board of directors. As a result, beginning at the 2009 annual meeting of shareholders, all directors will stand for reelection annually. "Our board recommended this change to our shareholders as part of our commitment to maintaining best practices in corporate governance," Meeusen said. Shareholders also approved the company’s 2008 restricted stock plan, which allows the company to make periodic grants of restricted stock to officers and certain employees. Badger Meter is a manufacturer and marketer of products incorporating liquid flow measurement and control technologies.
Bradley Center board reverses naming rights decision
The Bradley Center Board of Directors did an about-face and rescinded its decision to seek to sell the naming rights for the Milwaukee facility. The reversal came after board members were sent a letter from Lynde Bradley Uihlein and David Uihlein Jr., the daughter and son of the late philanthropist Jane Bradley Pettit, who donated $90 million to build the Bradley Center in 1988.
The letter by the Uihleins stated: "Sadly, Jane Pettit’s $90 million gift in honor of her father could be degraded if those initiatives result in a renamed facility. Moreover, a sale of naming rights will barely impact the financial challenges facing the Bradley Center’s future. We believe that there are better solutions to the current funding dilemma. Now is the time for state and city government, the Bradley Center board, the Wisconsin Center District and the Milwaukee Bucks to work together to ensure that Milwaukee remains a major-league city. In order to achieve that goal, we believe that Milwaukee’s sports, entertainment and convention resources must be unified in order to fully derive the benefits of current taxpayer support and efficient operations. For our part, the Bradley family will continue our longstanding and diverse philanthropic efforts in and around Milwaukee." A Milwaukee Biz Blog calling for unified leadership on the future of the downtown entertainment district on March 24 had generated additional discussion among Bradley Center board members.
Ulice Payne Jr., chairman of the Bradley Center board of directors, issued the following statement: "We have reviewed the statement from Lynde Bradley Uihlein and David V. Uihlein Jr., and we greatly respect their comments. After discussing their statement with other members of the Bradley Center Board, we have decided to end any efforts to seek naming rights for the building as a way to help strengthen the long-term health of the Bradley Center. As we have stated previously, it was always our intention to approach this issue in a respectful manner and with the family’s involvement. With their new statement today, we are ending any effort to seek a naming rights partner for the Bradley Center. Like everyone else in our community, we are grateful for the long-standing and diverse philanthropic efforts of the Bradley family."
