GM shareholders reject proposal to split stock in 2
08 June, 2017, 01:15 | Author: Clay Erickson
Initial outcomes revealed over 91 percent of investors voted against Greenlight's proposition to have automaker's offer dividend and capital appreciation shares, as per GM authorities at the automaker's yearly shareholders' meeting.
- Shareholders also rejected Einhorn's three board candidates, electing the company's nominees with anywhere from 84 percent to 99 percent of votes cast.
Following the announcements, GM shares fell 26 cents, or 0.75 percent, to $34.20 per share.
In comments prior to the shareholder meeting, Barra acknowledged Greenlight's point on its stock price, saying, "we do believe GM stock is undervalued", and that the company was "continually looking at ideas" to increase investor interest.
"We value the perspectives of our shareholders and will continue to actively engage with them - and relevant external - as we enhance our core business, deploy capital to higher-return opportunities, and advance our leadership in the future of personal mobility". He also insisted that the company has too much cash - about $20 billion, including marketable securities - and that his strategy represented the best way to create value.
Meanwhile, Einhorn's proposal to split the common shares into two classes - one that focused on dividends and one that focused on growth - was similarly dismissed, gaining only 4 percent of the vote excluding Einhorn's shares. In 2015, before being named chairman, she rallied directors and her management team to fend off a separate group of investors demanding billions in share buybacks and board representation. On Tuesday, shares were trading just $1 above the IPO price of $33.
Elsewhere, GM CEO Mary Barra appeared elated by Tuesday's results.
The website was launched after General Motors in March rejected Greenlight's proposal, arguing it is risky financial engineering. The activist investment manager, which has around $9.2 billion in AUM, has experienced only two down years - in 2008 amid the financial crisis, and 2015.
Barra also stated that regardless of the Trump administration's choice to withdraw from the Paris climate deal, the automaker will continue to push to decrease emissions.
In September a year ago, GM said it will commit to generating or sourcing all electrical power for its 350 operations in 59 countries with 100% renewable energy - such as wind, sun and landfill gas - by 2050.
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