business-in-london.biz
 
 
New records

London news

Einhorn pleads with investors on Apple vote

0000-00-00

JAMES TITCOMB

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.

ALPHABET LISTING (V)


Pages: [1] [2] [3] [4] [5] [6] [7] [8] [9] [10] [11] [12] [13] [14] [15] [16] [17] [18] [19] [20] [21] [22] [23] [24] [25] [26] [27] [28] [29]

V & A Enterprises V & A Trebino V & B Building Supplies V & B Chauffeur Services
V & B Discount Centre V & B German V & C Newsagents V & F Giddings
V & F Monaco Motors (Southern) Ltd. V & G Giglio Cloth Centre V & G Motors V & G Services
V & K Carpet Cleaning Services V & L Motors V & M Cope Ltd. V & N Videos
V & P Fox Locksmiths & Engravers V & P Patel V & P Photo Centre V & P Property Renovations
V & P Video Club V & R Contracts Ltd. V & R Curtains V & S (No 10) Ltd.
V & S (No 15) Limited V & S (No 17) Ltd V & S Catering Supplies V & S General Stores
V & S International V & S Motors V & S Nayar V & S Patel
V & S Scientific Ltd V & T Plumbing Services V & V Associates Ltd. V & V Supermarkets
V - Tec Auto V 2 K Ltd. V 3 Hair Design V A (Property Management) Ltd.
V A D (Care Contracts) Ltd V A D Ladies Club Ltd. V A Daltrey V A Hasmonean Primary School
V A M P V A P D'Entreves & Co. Ltd. V A P Garage V A Patel
V A R International V A Savage V A Shah V A Shah & Co
V A T Advice Line Ltd V A Transmissions V Agarwall V Akin
V Ananthasayanan V Armitage V Avanessian V B & Sons
V B Building Construction & Co V B Hughes & Son Ltd. V B K Transport Interior Ltd V B Ltd
V B P & Co. V B S Stores V B's Hair & Beauty V Bakshi
V Band Plc V Barai V Barnes V Bason
V C Amin V C Carpentry & Decorating V C I V C L Plumbing & Heating Services
V C P V C R Construction Ltd. V C Saunders Engineering Ltd V C Saunders Engineering Ltd.
V C Services V C Tickets V C Vehicle Technicians V C Wackett & Son
V C Walden & Co. Ltd. V Capoldi V Chandran V Chitolie
V Cooper,V,& Partners Ltd V D B Associates V D C Trading Ltd V D C Trading Ltd.
V D G V D G Miller V D T Enterprises V D U Cleaning Services
V De Bruyne V E F (UK) Ltd V E J Investments Ltd. V E Nicholson