Not exact matches
The question
of whether the law
actually requires putting
shareholders first has been subject to hot debate.
«A lot
of M&A
actually destroys value for
shareholders, not adds value... acquisitions are quite risky, they can be distracting, they have to be integrated effectively,» Sue Noffke, fund manager at Schroders said.
«It's still difficult to explain it to your
shareholders, obviously, but ultimately the people that you employ — or the people you are able to attract — is
actually the backbone
of your success.»
The last time multinational companies repatriated cash — also during the last Bush presidency — a bipartisan Senate investigation later found that those same companies
actually shipped even more jobs overseas, while paying their
shareholders billions through buybacks
of their own stock.
The article's author, Steve Denning, dissects the main theme
of Martin's book, which is that the current practices around maximizing
shareholder value
actually do more harm than good:
At the conclusion
of his four - month trial in 2007, prosecutors sought to convict on two alternative theories: one, that defendants
actually stolen money from the company or; two, that by failing to disclose these payments, they'd deprived
shareholders of their intangible right to honest services.
But Beynon points out that the aftershocks
of that earthquake may
actually benefit
shareholders of Hilton.
Valeant Pharmaceuticals (vrx) said Monday that it agreed to sell Sprout back to its former
shareholders, but the deal is
actually more
of a giveaway: All Valeant will receive in return for Sprout is 6 %
of future sales
of the female libido drug, starting around mid-2019, plus freedom from its remaining acquisition obligations and its legal fight with Sprout
shareholders.
Yet investors have not substantially marked down P / E ratios, as if high rates
of future earnings growth can be expected to resume despite never having
actually existed in any sense that's relevant to
shareholders.
In an earnings call later that summer, Peter Rive, who was then SolarCity's CTO, explained the merits
of the changes to
shareholders: «We don't want to rush to
actually initiate some
of the equipment installation for the cell line and then have that be a regretful layout only months later.»
Once extraordinary charges and options dilution are considered, it's not clear that companies
actually accumulated much at all for the benefit
of shareholders, and they sure didn't pay dividends.
Recent Danger Zone pick Expedia (EXPE) has managed significant EPS growth through $ 3.2 billion in acquisitions, but these acquisitions have
actually hurt the long - term interests
of shareholders by earning an ROIC that falls short
of WACC.
of GSK
shareholders actually prefer the perceived safety
of the conglomerate structure.
Meanwhile, debt service shows up in the financing activities, so the more debt you take on, the more you can mislead
shareholders by reporting huge operating cash flow (EBITDA) that is
actually the property
of bondholders.
It does nothing now —
shareholders can't
actually tender into it because
of the poison pill — and if Valeant ever persuades or replaces Allergan's board, then it could just do a friendly merger and dispense with the tender offer.
Vanguard is
actually owned by the
shareholders of its mutual funds.
And thirdly and quite surprisingly, Warren
actually wasn't able to invest the full 400 mn as
shareholders rejected the second tranche
of the bail out.
A stock represents a percentage ownership in a business, so a reduction in the number
of shares outstanding means that
shareholders who owned the same number
of shares
actually increased their percentage ownership.
By mandating disclosure
of superior and subordinate vote results separately, subordinate
shareholders will be able to view how insiders are
actually voting.
On Friday, the SNB held its
SHAREHOLDER meeting (yes, it's publicly held) and it was reported in the WSJ that over the last year the price
of SNB shares have risen to 7180 CHF from 1760 CHF,
actually hitting a 10,000 per share in the interim.
kronkes influence over the club is minimal at best how many decisions does he
actually make in the public club domain that we all know
of, i am only guessing here but just because he is majority
shareholder it doesn't mean he can just do what he wants without the other board members say so, i suppose the rest
of the board would vote him out
of power and liquidate his shares if he did something really wrong like leveraged the club against a big debt.
'' If Arsenal fans were invited to submit their opinions by email; if
shareholders» and supporters» groups were still able to submit questions to the board and
actually get answers; if there were any way
of expressing dissatisfaction other than at away games by means
of a banner — then you'd be absolutely right: sabotaging the atmosphere would be a bad thing.
As a
shareholder he can
actually invest and increase the capital (meaning investing)
of the club and then everyone has to chip in.
You have to put yourself in the position, as a new board, is it credible to go to the
shareholder and say let's spend a ton
of money again, even though it hasn't
actually achieved the long - term success?
Actually, no: Constituency statutes were often implemented to ward off potential hostile takeovers
of in - state companies, in which certain investors attempt to seize control
of firms to maximize short - term
shareholder value.
There's also white collar crime (Tom Wilkinson's evil railroad baron stages a hostile takeover
of the
shareholders), Helena Bonham Carter in requisite bustier accessorized with a gun for a leg, and basically a genocide (
actually an accurate portrayal
of American's handling
of the Indians).
Statistics also show that there is a serious gap between the level
of engagement that employers need for productivity, innovation, creativity, and
shareholder value to improve, and what they are
actually getting.
Thorsten
actually said BB10 is delayed only two months A marketing mom's humorous words
of advice for RIM from a want ad The One Good Thing about the launch
of BlackBerry 10 being delayed until 2013... Research In Motion to hold Annual General Meeting
of Shareholders on July 10th «Nobody is delusional here.
What You May Have Missed Thorsten
actually said BB10 is delayed only two months A marketing mom's humorous words
of advice for RIM from a want adThe One Good Thing about the launch
of BlackBerry 10 being delayed until 2013... Research In Motion to hold Annual General Meeting
of Shareholders on July 10th «Nobody is delusional here.
Of course, they might not be making as much as people imagine, but there certainly is a perception — and the actions of big media companies don't often do anything to dispell it — that for all the talk of protecting intellectual property and rewarding creators, it's actually the big media companies and their shareholders who get most of the reward
Of course, they might not be making as much as people imagine, but there certainly is a perception — and the actions
of big media companies don't often do anything to dispell it — that for all the talk of protecting intellectual property and rewarding creators, it's actually the big media companies and their shareholders who get most of the reward
of big media companies don't often do anything to dispell it — that for all the talk
of protecting intellectual property and rewarding creators, it's actually the big media companies and their shareholders who get most of the reward
of protecting intellectual property and rewarding creators, it's
actually the big media companies and their
shareholders who get most
of the reward
of the rewards.
There are
actually a large number
of global tech companies that are extremely profitable and, partly as a result, pay out large and growing dividends to
shareholders.
It's
actually amazing to me that ANY lenders signed up for this deal; it's not in the best interest
of their investors or
shareholders.
(Note that
of course it's
actually Berkshire that's buying back the stock, not Buffett himself, but he is setting the policy and is the largest
shareholder, with a 23 % economic ownership, so it's effectively him.)
That the SEC is more worried about catching Martha Stewart trading on day early (a victimless crime that
actually made the market more efficient, and helped reduce losses for unknowing buyers
of ImClone that day) than it is about catching real fraud or protecting
shareholders ownership rights?
Instead
of the maximization
of shareholder value (the number one goal
of a corporation according to Aswath Damodaron) we witnessed a good ol' boy board
of directors sit back and allow an entrenched management team to either lose or steal millions
of assets (at one million a year in salary on a 10MM company, its stealing or akin to stealing no matter what
actually happened to the $ 8 per share
of liquidation value you mentioned that the company had... just one year ago)... and it raises goosebumps wondering where the millions
of dollars
actually went... just as I am sure Bernie Madoff's investors are wondering where there money is...
Once (or should I say if) this pension / labour dispute is put to rest, I'd
actually expect a rapid & substantial improvement in
shareholder value — this might be a substantial return
of capital or a tender offer (to distribute surplus cash), and / or a potential new partnership or even a takeover offer..?!
This pointless waste
of time & money may have
actually struck a fatal blow — it proved the final straw for the usual message / bulletin boards, already sick
of USOP
shareholders» hysteria.
-- The EGM Notice process was both unprofessional & inappropriate: While most investors learned
of the Share Buyback from Argo's RNS (released after close -
of - business on Mon, Feb - 8th), the Notice was
actually posted the prior week & received by some
shareholders on Sat, Feb - 6th.
And since the board / management are the obvious problem / road - block here in terms
of capital allocation, I do think the recent board changes
actually offer asymmetric risk / reward — at worst, we end up with some new management / board members & just more
of the same... but at best, we end up with a team who can
actually deliver on acquisition (s) and / or a meaningful return
of capital to
shareholders (ideally, via a tender offer).
An Argo
shareholder was so damn sure he wanted his AGAINST vote to count... he
actually drove 150 KILOMETRES to ensure he had physical proof
of ownership as quickly as possible from his broker when submitting his vote!
One
of these is that management has to
actually tell
shareholders what they think company is worth!
The payment date is the day when the dividend cheques will
actually be mailed to the
shareholders of a company or credited to brokerage accounts.
And it must be remembered, once Fortress listed these entities,
shareholders actually expected that kind
of (pre-crisis) leverage & hubris at the time — so there's plenty
of blame to go» round.
From my perspective, I was
actually v encouraged by the added
shareholder value arising from the company's smart & v chunky share buyback programme, and by the presence (until recently)
of an activist
shareholder, Everest Funds **.
Which doesn't mean I'd necessarily advocate KYG as a short — many
of its
shareholders are buy & hold types, who are pretty oblivious to price & valuation, so it might require really serious / unexpected bad news to
actually provoke a crisis
of confidence.
It's crucial they focus on evaluating any realistic transaction (s) that are
actually on the table right now, compare it / them to the potential value
of the default strategy, and present (& recommend) a final proposal to
shareholders ASAP.
But I'm also conscious another
of my holdings here — Fortress Investment Group (FIG: US), also a cash - rich & under - valued alternative asset manager — is
actually TFG's largest
shareholder (controlling a 14 - 15 % stake).
And poor RoEs, management neglect
of shareholder value, and the absence
of activist investors meant prices weren't
actually that cheap, and there was little chance
of value realization anyway.
Walsh warned
shareholders and employees
of the painful restructuring, cost reduction & rationalisation still to come, and then began systematically ticking each action item off his list: i) After one last kitchen sink loss in 2012
of EUR 116 million (mostly goodwill impairment), One51
actually recorded a net profit in 2013 for the first time in 7 years, ii) free cash flow increased from just EUR 1.1 million in 2011 to 15.4 million in 2013, iii) almost EUR 100 million was raised in two years from the sale
of the plastic extrusion business, the disposal
of stakes in Island Renewable Energy, Thirdforce, IFG, and (most significantly) Irish Continental Group, in addition to a substantial 2013 capital redemption from NTR, and iv) net debt (exc.
In a 2014 letter to Berkshire Hathaway
shareholders, he wrote that over the long term, cash is
actually a riskier investment than stocks, due to the potential
of inflation wiping away any gains.