Claudia Assis is a San Francisco-based reporter for MarketWatch. Follow her on Twitter @ClaudiaAssisMW.
Tens of thousands of AMC Entertainment Holdings Inc. shareholders voted to, in essence, throw out the entertainment company’s board, but the proposal went nowhere because of no-shows and abstentions.The first of seven proposals called to declassify AMC’s board of directors and to shorten all existing terms so they’d end at the meeting.
That got slightly more than 34,000 “yes” votes, to about 6,000 “no” votes. Nearly 800,000 abstentions and no-shows, however, carried the day. “Non-votes had the same effect as a vote against the proposal,” AMC said in the filing. Other proposals had a similar fate, including a failed proposal to approve, on a non-binding advisory basis, the compensation paid to certain AMC executives.
AMC’s stock AMC, -13.68% dropped another 1% in the extended session Thursday after ending the regular trading day down 14%, hit by earlier news that the company plans a $350 million stock offer.
AMC Entertainment Holdings Shareholders Vote Board Proposal Abstentions
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