Benihana stockholders vote in favor of reclassification proposal in preliminary vote; proposal will reclassify each share of Class A common stock into one share of common stock
November 21, 2011
– Benihana Inc. (NASDAQ: BNHN; BNHNA), operator of the nation's largest chain of Japanese theme and sushi restaurants, welcomed the preliminary results of the November 17, 2011 Special Meeting in which stockholders voted in favor of the reclassification proposal (the "Reclassification") that will simplify the Company's capital structure by reclassifying each share of Class A Common Stock into one share of Common Stock.
Following the Special Meeting, the inspector of elections has preliminarily determined that a majority of the outstanding Common Stock voted in favor of the Reclassification. The proposal was also approved by holders of Class A Common Stock.
Richard C. Stockinger , Benihana Inc.'s Chairman, Chief Executive Officer, and President, commented, "The vote results reflect our stockholders' belief that the Reclassification will simplify the capital structure, improve transparency and liquidity, increase flexibility to pursue strategic opportunities, and strengthen corporate governance. This is a transformational event for Benihana, and I would like to thank our stockholders for their support. Our entire Board and management team are focused on increasing the value of the company, and as we continue to build on our strong performance momentum and drive our business forward through new initiatives, we remain continuously focused on enhancing value for our stockholders."
Headquartered in Miami , Benihana Inc. (NASDAQ GS: BNHN, BNHNA) is the nation's leading operator of Japanese theme and sushi restaurants with 96 restaurants nationwide, including 63 Benihana restaurants, eight Haru sushi restaurants and 25 RA Sushi restaurants. In addition, 18 franchised Benihana restaurants are operating in the United States , Latin America and the Caribbean . To learn more about Benihana Inc. and its three restaurant concepts, please view the corporate video at www.benihana.com/about/video.