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
$96.13
Apple Inc.
+0.53
GOOG
$566.07
Google Inc.
-5.53
MSFT
$42.86
Microsoft Corpora
-0.30
MacNews Search:
Community Search:

Latest Forum Discussions

See All
view counter

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

Bio Inc. is $0.99 for the Weekend, Recei...
Bio Inc. is $0.99 for the Weekend, Receives Small Update Posted by Ellis Spice on August 1st, 2014 [ permalink ] Universal App - Designed for iPhone and iPad | Read more »
Happy 7th Birthday Readdle! Thank You fo...
Happy 7th Birthday Readdle! | Read more »
Sharknado: The Video Game Review
Sharknado: The Video Game Review By Lee Hamlet on August 1st, 2014 Our Rating: :: SHARKNA-DON'TUniversal App - Designed for iPhone and iPad Sharknado: The Video Game brings the craziness of the movies to iOS, though it quickly outstays its welcome.   | Read more »
Clima (Weather)
Clima 1.0 Device: iOS iPhone Category: Weather Price: $.99, Version: 1.0 (iTunes) Description: Clima show you all weather information, just beautifully simple. A series of color bars can tell you at a glance exactly current temperature and weather, you can see much more information quickly with just a gesture, hourly forecast,... | Read more »
Sticky Soccer Review
Sticky Soccer Review By Andrew Fisher on August 1st, 2014 Our Rating: :: STICK THIS GAMEUniversal App - Designed for iPhone and iPad Sticky Soccer puts too much emphasis on the ‘sticky’ and not enough on the ‘Soccer’ or ‘Fun’.   | Read more »
Graphics-less Apocalyptic Adventure A Da...
Graphics-less Apocalyptic Adventure A Dark Room Goes Free for a Limited Time Posted by Rob Rich on August 1st, 2014 [ permalink ] | Read more »
Fraud Tycoon Review
Fraud Tycoon Review By Rob Thomas on August 1st, 2014 Our Rating: :: UNHEALTHY CREDITUniversal App - Designed for iPhone and iPad Fraud Tycoon is a half-baked, messy, promotional tie-in that does their sponsor no favors whatsoever.   | Read more »
Guardians of the Galaxy: The Universal W...
Guardians of the Galaxy: The Universal Weapon is on Sale for the Weekend Posted by Rob Rich on August 1st, 2014 [ permalink ] Universal App - Designed for iPhone and iPad | Read more »
Mister Beam Review
Mister Beam Review By Jordan Minor on August 1st, 2014 Our Rating: :: ILLUMINATINGUniversal App - Designed for iPhone and iPad Mister Beam’s puzzles are great. But its platforming? Not so much.   | Read more »
Hook Some More Fun With MapHook’s New Up...
Hook Some More Fun With MapHook’s New Update Posted by Jessica Fisher on August 1st, 2014 [ permalink ] iPhone App - Designed for the iPhone, compatible with the iPad | Read more »
All contents are Copyright 1984-2010 by Xplain Corporation. All rights reserved. Theme designed by Icreon.