New records

London news

Einhorn pleads with investors on Apple vote



BILLIONAIRE investor David Einhorn yesterday pleaded with fellow Apple shareholders to vote against the iPhone maker’s proposals to change its corporate practice.

Einhorn’s Greenlight Capital hedge fund, which owns around $600m (?394m) in Apple shares, laid out proposals that would see billions of dollars returned to shareholders.

Einhorn said that despite the company’s history of product innovation its “attitude to managing its cash has been decidedly non-innovative”.

Greenlight Capital wants the company to distribute a new class of preferential Apple shares – which he dubbed iPrefs – that would be handed out to investors and return a regular, fixed dividend.

Apple has said it is considering Einhorn’s proposals. However, a board proposal at its upcoming annual meeting would see it prevented from issuing the kind of preferential stock suggested by Einhorn.

Greenlight Capital is also taking the company to court, claiming the proposals would violate US corporate laws. On Tuesday the judge presiding over the trial said Einhorn was likely to win the case.

Einhorn said his suggestions would return value to investors, while leaving Apple with cash to make acquisitions, and preventing it from jeopardising its business. Apple’s shares have fallen by a third since their summer highs.

“[The proposals] don’t interfere with whatever business plan Apple has, we want them to keep innovating and designing products we can’t imagine living without,” Einhorn said, imploring shareholders to “send [Apple] a clear message”. Apple did not comment.


Pages: [1] [2] [3] [4] [5] [6] [7] [8] [9] [10] [11] [12]

#NAME? & Cronin Co & Eddington Parnters & Howe Films
& Johnman Made the Tea Ltd. & Sculpture Association 'Enry 'Iggins 'Magnolia Court Residents' Company Ltd
'Nails to Go' Ltd (U K) Bond Agent Ltd. 0 A Rapid Maintenance 0 Eleven Wine Bar
0 West & J Scott 0000 Mini Cabs 0001a Techno Vision 001 Kissograms
001 Photography & Photo Library 007 Cabs 007 Chelsea Electronics 007 Detective Agency
007 Entertainments 007 Licence To Thrill The James Bond Ride 007 Travel Ltd 01 Photography & Photo Library
01 Property Services Ltd 01A1 Airborn Services 024 Service Station Ltd. 07000 Circus
0800 Blossoms Ltd. 0800 Champagne Ltd 0800 Promote 0800handyman
0:0 Fx 0BELISK Trading Ltd 1 2 1 Interactive Media Ltd. 1 2 1 Limos
1 2 3 Autotune 1 2 A Kilometre Heathrow Cars 1 24-7 Emergency Locksmith 1 A Aabaacall
1 A Addison Ltd. 1 A S A Photographic 1 Able Locksmith 1 Bina Gardens Freehold Ltd
1 Call Larry's 1 Call Larrys 1 Car 1 1 Car 1 Com Ltd.
1 Challoner Crescent Management Ltd. 1 Cover 1 Essex Court Chambers 1 Hour Day And Night Glazing
1 Hour Denture Repairs While-U-Wait 1 Hour Photoplace 1 Lime Grove (Shepherds Bush) Ltd. 1 New Square
1 Reed 1 Stop Photo Shop 1 Stop Security Shop 1 To Call Cars
1 To One Modelmaking 1 Two 1 1 World Ltd 1, 3 St. Johns Road (Hampton Wick) Resid
1-2-1 Antiques 1-2-1 Services 1-8 Southwood Mansions Management Co. Ltd. 1-Hour Opticians
1-Tek 10 Arkwright Road Management Ltd. 10 Freight International 10 Halesworth Road Ltd.
10 Hyde Park Square Ltd 10 Joy 10 Lees Place 10 Manchester Street Hostelerie Ltd.
10 Rosary Gardens Ltd 10 To 4 Records Ltd 100 (Yeomanry) Regiment Royal Artillery (Volunteers) 100 Black Men Of London
100 Club Ltd. 100 Lexham Gardens Limited 100 Per Cent Carpet & Upholstery Cleanin 100 Per Cent Design Ltd
100 Per Cent IT Ltd 100 Percent 100 Percent Direct Marketing 1001 Supermarket
101 Cafe 101 Digital Ltd 101 Direct 101 Financial Consultancy
101 Motors 101 Playgroup 101 Productions 101 Secondhand Furniture
101 Snackbar 101 St.Georges Drive Management Co. Ltd. 103 Exchange