-6- in 1992. A member of the fifth generation works for Fort Mill, a subsidiary of Rock Hill. 2. The Voting Trust Frank Barnes, Jr., and his brothers intend to keep Rock Hill as a family owned business. They control Rock Hill through a voting trust. Frank Barnes, Sr., created the voting trust on April 30, 1964, to ensure that 52 percent of Rock Hill's voting stock would vote as a unit. Frank Jr., Edwin, and John (the Barneses), are the trustees of the trust and together own 52 percent of the voting stock of Rock Hill. In 1992, the Barneses considered forming a holding company to ensure that Rock Hill would remain in the family. They also bought insurance (at a time not stated in the record) to avoid being required to sell shares of Rock Hill to pay death taxes. 3. Rock Hill's Affiliates and Subsidiaries In 1992, Rock Hill owned the following percentage of common stock in Fort Mill Telephone Co., Lancaster Telephone Co., and Home Telephone Co.: Percent owned by Rock Hill Fort Mill Telephone Co. (Fort Mill) 48.0% Lancaster Telephone Co. (Lancaster) 49.2 Home Telephone Co. (Home) 49.8Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011