SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
November 24, 1998 (November 24, 1998) Date of Report
(Date of earliest event reported)
Laidlaw Environmental Services, Inc.
(Exact name of registrant as specified in its charter)
Delaware 1-8368 51-0228924
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
1301 Gervais Street, Columbia, South Carolina 29201
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (803)933-4200
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ITEM 5. OTHER EVENTS
On November 24, 1998, Laidlaw Environmental Services, Inc.(NYSE:SK)
announced the results of its Annual Meeting of Shareholders held in Columbia;
South Carolina. The following proposals were approved at the meeting: a one for
four reverse stock split, formal name change to Safety-Kleen Corp., election of
board members and reduction of common shares of stock available for issuance.
The full text of the announcement is reproduced below. Please note that the
announcement contains forward looking statements that involve a number of risks
and uncertainties.
FOR IMMEDIATE RELEASE
Contact: Kenneth W. Winger
President and Chief Executive Officer
Paul R. Humphreys
Senior Vice President, Finance and Chief Financial Officer
(803) 933-4210
SAFETY-KLEEN CORP.
ANNOUNCES APPROVAL OF REVERSE STOCK SPLIT
Columbia, S.C., - November 24, 1998 --Safety-Kleen Corp. (SK:NYSE) today
announced the results of its Annual Meeting of Shareholders held in Columbia.
All of the following proposals were approved by an overwhelming majority of
shareholders.
- A one-for-four reverse stock split was approved;
- The Company name was formally changed to Safety-Kleen Corp.;
- Board members John W. Rollins, Jr., John R. Grainger, and Grover C.
Wrenn were re-elected for a three year term;
- The number of shares of common stock available for issuance was reduced
from 750 million to 250 million
The one-for-four reverse stock split will be effective at the market opening on
December 1, 1998. For each four shares of Safety-Kleen common stock, one share
of new Safety-Kleen common will be issued. The exchange agent for the reverse
stock split is First Chicago Trust Company. Letters of Transmittal will be
distributed to Shareholders of Record beginning December 8, 1998.
Kenneth W. Winger, President and Chief Executive Officer, stated, "We are
extremely pleased that the shareholders overwhelmingly endorsed the Board's
recommendations. In particular, we believe the confirmation of the new Company
name and the approval of the reverse stock split will greatly enhance the
marketability of the Company both to the public and to the investment community.
Our objective in the reverse split is to make Safety-Kleen's stock more
attractive to the largest possible range of investors," Winger concluded.
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Safety-Kleen Corp. is the leading environmental and industrial waste service
company for both hazardous and non-hazardous waste streams. From collection
through recycle and disposal, the Company provides comprehensive waste
management services to nearly 500,000 customers in North America and Western
Europe.
For further information contact: Kenneth W. Winger, President and Chief
Executive Officer (803) 933-4212, or Paul Humphreys, Senior Vice President,
Finance and Chief Financial Officer (803) 933-4261.
-END-
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SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
Company has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
LAIDLAW ENVIRONMENTAL SERVICES, INC.
Date: November 24, 1998 By: /s/ Kenneth W. Winger
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Kenneth W. Winger, President
and Chief Executive Officer
