IRVING, Texas, Oct. 19 /PRNewswire-FirstCall/ -- On October 17, 2007, FIRSTPLUS Financial Group, Inc. (the "Company") (Pink Sheets: FPFX) held its 2007 Annual Meeting of Stockholders (the "Meeting"). At the Meeting, at which holders of 42,907,588 shares of the Company's common stock were represented in person or by proxy, the Company's stockholders voted on three proposals, descriptions of which are set out below along with the results of the votes.
Election of Directors
The first proposal voted on at the Meeting concerned the election of five directors to the Board of Directors to serve until the 2008 Annual Meeting of Stockholders and until their respective successors are duly elected and qualify. The Board of Directors nominated William Handley, John Maxwell, Roger S. Meek, Robert O'Neal and David Roberts, each an incumbent director. The vote to elect each of the nominees was as follows:
For Withhold Authority William Handley 23,500,929 19,406,659 John Maxwell 23,508,908 19,398,680 Roger S. Meek 23,561,032 19,346,556 Robert O'Neal 23,558,482 19,349,106 David Roberts 23,486,429 19,421,159
As each of the nominees received a plurality of the votes cast, each was elected to the Board of Directors of the Company to serve until the 2008 Annual Meeting of Stockholders and until his successor is duly elected and qualifies.
Appointment of Independent Registered Public Accounting Firm
The second proposal voted on at the Meeting concerned the appointment of Buckno Lisicky & Company ("BLC") as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2007. The vote to ratify BLC's appointment was as follows:
For Against Abstain 32,416,158 8,668,988 1,822,442
As the number of votes cast in favor of ratifying the appointment of BLC represented a majority of the votes cast on the proposal at the meeting, the appointment of BLC as the Company's independent auditors was ratified.
Stockholder Recommendation Regarding Payment of Dividend
The third proposal voted on at the Meeting was a stockholder proposal that the Company "...declare and pay, without further delay, a shareholder dividend in accordance with the Nevada court approved Shareholders Agreement dated April 6, 2006." The presiding officer of the Meeting determined that the proposal would be treated as a non-binding recommendation by the stockholders to the Board of Directors, as under Nevada law the declaration of dividends is a matter entirely within the discretion of the Board of Directors. The vote regarding the stockholder recommendation was as follows:
For Against Abstain 5,701,568 37,206,020 - 0 -
As the number of votes cast in favor of the stockholder recommendation did not represent a majority of the votes cast on the recommendation at the meeting, the recommendation was not approved.
Three other stockholder proposals were submitted to the Company, but were deemed by the presiding officer of the Meeting to be inappropriate for stockholder action for various reasons. Therefore, no stockholder vote was held on such proposals.
Forward-Looking Statements
This report contains forward-looking statements within the meaning of the "safe harbor" provisions under Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. The Company uses forward-looking statements in its description of its plans and objectives for future operations and assumptions underlying these plans and objectives, as well as in its expectations, assumptions, estimates and projections about the Company's business and industry. These forward-looking statements involve risks and uncertainties. The Company's actual results could differ materially from those anticipated in such forward-looking statements as a result of certain factors as more fully described in this report.
Forward-looking terminology includes the words "may", "expects", "believes", "anticipates", "intends", "projects" or similar terms, variations of such terms or the negative of such terms. These forward-looking statements are based upon the Company's current expectations and are subject to factors and uncertainties which could cause actual results to differ materially from those described in such forward-looking statements. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this report to reflect any change in its expectations or any changes in events, conditions or circumstances on which any forward-looking statement is based.
