What are you leaving out about a request of 25mil. Additional shares that has to be approved by shareholders?
Half stories, intentional or unintentional, distort the truth making them not even worth a minute to read. Here’s the WHOLE story....DA REAL DEAL-
The preliminary proxy statement, which is subject to SEC review, includes the following important proposals:
1. Increase authorized share capital by 25 million shares (effective in 2022)
2. Re-elect certain directors
3. Approve the appointment of Ernst & Young LLP as independent auditors
4. Approve a non-binding vote on the compensation of executive officers
5. Ability to adjourn the stockholders meeting if necessary
The AMC Board recommends a vote in favor of each proposal. The specific details and rationale for the recommend vote are described within the preliminary proxy statement. A final proxy statement is expected to be filed with the SEC and distributed to shareholders on or about June 16, 2021. Voting will take place between June 16 and July 28.
Commenting on the upcoming Stockholders Meeting, Adam Aron, AMC President and CEO said, “I encourage all of our valued shareholders to exercise their right to have their voices heard and impact the future AMC by voting their shares.”
Commenting on the proposal to increase authorized, not issued, share capital by 25 million shares, Aron added, “To successfully navigate the road ahead, we seek to assemble all of the financial tools that might help us. An important tool for any company is having shares available to issue if, and only if, the right value creation opportunity arises. As of today, in our efforts to best position AMC for a successful recovery from the pandemic, we have issued or reserved substantially all but 46,124 of the shares that were previously authorized. We are requesting that shareholders authorize only an additional 25 million shares and note that these shares cannot be issued in calendar year 2021. This contrasts with a previous request that shareholders authorize 500 million new shares. We have been listening carefully to the sentiments being expressed by our shareholders, and this more measured proposal is important to give AMC the flexibility to respond to future value creation opportunities for the benefit of AMC and all of its shareholder owners.”
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