Shareholders voted 3-1 on the non-REIT move but rejected a proposal by a shareholder on hiring an investment banking firm to find a buyer for the company. A prepared statement from Jameson Inns did not offer further details on the company-sale proposal.
Shareholders re-elected directors Thomas J. O'Haren and Dr. Robert D. Hisrich; approved a new stock incentive plan for the company's employees; and approved a new contract for Ernst & Young LP as the independent auditors for the 2003 fiscal year.
Jameson officials say a class action lawsuit filed Oct. 31 in DeKalb County Superior Court by a sole shareholder challenging the proposed acquisition of Kitchin Hospitality is near settlement. Under the preliminary terms, to be approved by the court, Thomas Kitchin will have to sign a non-compete contract with Jameson Inns.
The company will also name a nominating committee of the board of directors that will select and determine the qualifications of new board candidates. The names of the nominating committee will be posted on the company's Web site.
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