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Rights Plan Repurchase Agreement And Reduction Of Authorized Shares
12 Months Ended
Jun. 30, 2013
Rights Plan, Repurchase Agreement And Reduction Of Authorized Shares [Abstract]  
Rights Plan, Repurchase Agreement And Reduction Of Authorized Shares

14. Rights Plan, Repurchase Agreement and Reduction of Authorized Shares

     On July 31, 1992, the Board of Directors of Concurrent declared a dividend distribution of one Series A Participating Cumulative Preferred Right for each share of our Common Stock. The dividend was made to stockholders of record on August 14, 1992. On August 7, 2002, the Rights Agreement creating these Rights was extended for another 10 years to August 14, 2012 and American Stock Transfer & Trust Company was appointed as the successor rights agent pursuant to an Amended and Restated Rights Agreement (the "Rights Agreement"). Under the Rights Agreement, each right becomes exercisable when any person or group acquires 15% of our common stock. Such an event triggers the Rights Agreement and entitles each right holder to purchase from Concurrent one one-hundredth of a share of Series A Participating Cumulative Preferred Stock at a cash price of $30 per right.

On June 29, 2011, we filed a Certificate of Amendment to our Restated Certificate of Incorporation (the "Charter Amendment") with the Delaware Secretary of State to reduce the number of authorized shares from 125,020,000 to 15,270,000 shares. The Charter Amendment was approved by stockholders and reduced the number of authorized shares of $0.01 par value Common Stock from 100,000,000 shares to 14,000,000 shares, reduced the number authorized shares of $0.01 par value Series Preferred stock from 25,000,000 shares to 1,250,000 shares, and maintained 20,000 authorized shares of $0.01 par value Class A Preferred Stock.