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Show j f J Stockholders Reject UPCMC Merger United Park City Mines Company (UPCMC) stockholders stock-holders have rejected a long standing proposal to merge with Cimarron Corp. a Texas based oil and gas exploration firm. The merger which has been proposed for more than a year was turned down by UPCMC shareholders when the firm's annual meeting reconvened Nov. 18 at its Salt Lake offices. The regularly scheduled meeting on Oct. 29 was adjourned to clear up an error on a report mailed to stockholders to solicit proxy votes on the merger. The report claimed Atlantic Richfield Rich-field corp., owner of 18 percent of the outstanding UPCMC shares, favored the merger. Actually the petroleum petro-leum giant opposed the proposal and UPCMC board members felt it was important impor-tant to mail out new .statements reflecting their position. The discrepency in the proxy statements . was brought to light by a suit filed in the U.S. District Court Oct. 23 that sought to postpone the forthcoming annual meeting. The suit, brought by Bamberger In- vestment and Exploration Co., was based on the erroneous proxy statement. The Bamberger family in Salt Lake controls three percent of the mining company's com-pany's stock and has been openly opposed to the merger. At last Friday's meeting almost 42. percent of the shareholders favored the merger with 32 opposing the plan. Like many public companies, UPCMC was incorporated under the laws of Delaware which require over 50 percent of the outstanding shareholders to approve a merger. Cimarron shareholders approved the plan at a meeting in October. Cimarron Corporation continues con-tinues to hold an option to purchase 993,537 shares, or 18.4 of the outstanding shares, of United Park City Mines Company common stock. The option, which is exercisable in whole for an aggregate purchase price of $5,524,066 (or $5.56-per share), expires on December 15, 1982. United Park City Mines Company also announced that the November 18, 1982 annual meeting, the stockholders stock-holders elected management's manage-ment's proposed slate of directors to serve as directors direc-tors of United Park for the coming year as follows: Andreas D. Coumides, Hugh J. Leach, Francis R. McAllister, Wheeler M. Sears, Ivan B. Yerger, and Herbert M. Weed. |