Apple responds to Greenlight Capital shareholder proposal
TweetFollow Us on Twitter

Apple responds to Greenlight Capital shareholder proposal


Greenlight Capital ("Greenlight") -- a value oriented, research-driven investment management firm -- is urging (http://tinyurl.com/ba2aytc) fellow shareholders of Apple to oppose the company’s attempt to amend its corporate charter. Apple has responded with the following statement:

"By early last year, Apple’s cash balance had built to a point beyond what we needed to run our business and maintain flexibility to take advantage of strategic opportunities, so we announced a plan to return $45 billion to shareholders over three years. As of next week we will have executed $10 billion of that plan.

"We find ourselves in the fortunate position of continuing to generate large amounts of cash, including $23 billion in cash flow from operations in the last quarter alone.

"Apple’s management team and Board of Directors have been in active discussions about returning additional cash to shareholders. As part of our review, we will thoroughly evaluate Greenlight Capital’s current proposal to issue some form of preferred stock. We welcome Greenlight’s views and the views of all of our shareholders.

"As a part of our efforts to further enhance corporate governance and serve our shareholders’ best interests, Proposal #2 in our proxy includes some recommended changes to our articles of incorporation. These changes were recommended independently of Greenlight’s proposal and would not preclude Apple from adopting their concept. Contrary to Greenlight’s statements, adoption of Proposal #2 would not prevent the issuance of preferred stock. Currently, Apple’s articles of incorporation provide for the issuance of “blank check” preferred stock by the Board of Directors without shareholder approval. If Proposal #2 is adopted, our shareholders would have the right to approve the issuance of preferred stock. As such, Proposal #2 has the support of many of our shareholders.

"We remain committed to having an ongoing dialogue with our shareholders to get perspectives around return of capital and driving shareholder value."

 
AAPL
$92.67
Apple Inc.
-0.58
GOOG
$704.77
Alphabet Inc.
+3.34
MSFT
$49.80
Microsoft Corporation
-0.14
MacNews Search:
Community Search:
view counter

view counter
view counter
view counter
view counter
view counter
view counter

Camping With Grandpa (Education)
Camping With Grandpa 1.0 Device: iOS Universal Category: Education Price: $2.99, Version: 1.0 (iTunes) Description: | Read more »
Black Hole Joyrider (Games)
Black Hole Joyrider 1.0 Device: iOS Universal Category: Games Price: $2.99, Version: 1.0 (iTunes) Description: Guide your spacecraft through the gravity well of a powerful black hole using only your retro-thrusters and dwindling fuel reserves. Black Hole Joyrider | Read more »
My Koi (Games)
My Koi 1.0 Device: iOS iPhone Category: Games Price: $1.99, Version: 1.0 (iTunes) Description: My Koi is a beautiful and relaxing fish pond app. Customise and name each fish. Feed them daily. Watch them grow. Collect new fish. Escape and relax. COLLECT. GROW. NURTURE. ESCAPE.*********" The most beautiful app I've ever seen... | Read more »
Never Gone (Games)
Never Gone 1.0.2 Device: iOS Universal Category: Games Price: $2.99, Version: 1.0.2 (iTunes) Description: ###IMPPORTANT### Never Gone's HD art resources require devices with more than 1GB RAM, so please note that iPhone 4/4s, iPad 2/mini, iPod Touch 5 or older devices are NOT supported."From Chinese developer HippieGame, this is... | Read more »
INKS. (Games)
INKS. 1.0 Device: iOS Universal Category: Games Price: $1.99, Version: 1.0 (iTunes) Description: From the makers of BAFTA-winning Lumino City comes INKS. INKS updates pinball for a new generation. It combines the joy of pinball with skilful tactical challenges, and allows you to create wondrous works of art as the ball smashes... | Read more »
How to maximise your profits in Bakery B...
Running a bakery can be an expensive venture. You’ll need to continuously upgrade your oven, your kitchen supplies, and even your ingredients to keep customers happy. Most of these renovations in Bakery Blitz cost a pretty penny, but we have a few tricks up our sleeves to help you rake in the virtual wealth. [Read more] | Read more »
How to manage your time in Bakery Blitz
It can be tricky, especially when you risk burning your kitchen to the ground if you forget a cake in the oven, so make sure to use these time management tricks to keep your bakery running smoothly. Don’t collect the money right away [Read more] | Read more »
Model 15 (Music)
Model 15 1.0 Device: iOS iPhone Category: Music Price: $29.99, Version: 1.0 (iTunes) Description: The Moog Model 15 App is the first Moog modular synthesizer and synthesis educational tool created exclusively for iPad, iPhone and iPod touch.* The Model 15 App requires iOS version 9.3 or later to work. * | Read more »
How to deal with wind in Angry Birds Act...
Angry Birds Action! is a physics-based puzzler in which you're tasked with dragging and launching birds around an obstacle-littered field to achieve a set objective. It's simple enough at first, but when wind gets introduced things can get pretty tricky. Here are some tips to deal with wind-based obstacles. [Read more] | Read more »
How to get three stars in every level of...
Angry Birds Action! is, essentially, a pinball-style take on the pull-and-fling action of the original games. When you first boot it up, you'll likely be wondering exactly what it is you have to do to get a good score. Well, never fear as 148Apps is here to walk you through it, and provide a few tips and tricks to help you get three stars in every... | Read more »
All contents are Copyright 1984-2010 by Xplain Corporation. All rights reserved. Theme designed by Icreon.