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Lincoln Logs not required to post SEC filings under new status

Lincoln Logs not required to post SEC filings under new status

by Rick Turoczy on September 14, 2005

The Chestertown maker of log home kits first announced its plan in April. Through the reverse split, which took effect Sept. 13, Lincoln Logs whittled its shareholders list from more than 3,000 people to about 130. Anyone with fewer than 500 shares before the split received cash in exchange for their holdings.

This allowed Lincoln Logs to “de-register” its stock. Under U.S. Securities and Exchange Commission rules, companies with fewer than 300 shareholders are not required to make public filings.

Benjamin Shephard, chief financial officer of Lincoln Logs, said this should save the company about $300,000 a year. The public filing requirements have become particularly onerous since the passage of the Sarbanes Oxley Act of 2002.

Lincoln Logs not required to post SEC filings under new status

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