Published On: Fri, Nov 10th, 2023

Thousands of AMC shareholders vote to oust board, but non-votes carry the day

Thousands of AMC shareholders vote to oust board, but non-votes carry the day
Thousands of AMC shareholders vote to oust board, but non-votes carry the day


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.

AMC reported the results of its Wednesday shareholder meeting in a regulatory filing late Thursday.

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.


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