SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): July 30, 1998
MERITAGE HOSPITALITY GROUP INC.
(Exact Name of Registrant as Specified in Charter)
MICHIGAN
(State or Other Jurisdiction
of Incorporation)
0-17442 38-2730460
(Commission File Number) (IRS Employer
Identification Number)
40 PEARL STREET, N.W., SUITE 900
GRAND RAPIDS, MICHIGAN 49503
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (616) 776-2600
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ITEM 5. OTHER EVENTS
On July 16, 1998, the Company amended its Articles of Incorporation to
reprice the conversion formula of its Series A Convertible Preferred Stock
as follows:
Until the close of business on September 14, 1998, the conversion price
shall be the average of the average daily high and low bid prices quoted
on the OTC Bulletin Board for the 10 trading days beginning on the date
that commences two days following the filing of the Company's Form 10-Q
for the Second Fiscal Quarter of 1998. Thereafter, the conversion price
shall be increased by one dollar on the 15th day of each September,
December, March and June provided, however, that if the conversion price
as computed ever equals or exceeds $7.00 per share, then the conversion
price shall be $7.00 for each common share and no further increases
shall occur.
The average of the average daily high and low bid prices for the 10 trading
days as set forth above was $1.41 per common share. As of July 30, 1998,
there were 138,387 Series A Convertible Preferred Shares outstanding. The
number of common shares into which the preferred shares will be convertible
is determined by dividing the liquidation value of $10.00 per preferred
share by the conversion price then in effect. All other terms of the Series
A Convertible Preferred Stock remain unchanged.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereto duly authorized.
MERITAGE HOSPITALITY GROUP INC.
Dated: July 31, 1998 By: /s/ Christopher B. Hewett
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Christopher B. Hewett
President and Chief Executive Officer
