IMAX Corporation Responds To Results Of Shareholder Vote On IMAX China Privatization Transaction; Despite 70% Of Shareholders Voting "For", Proposed Transaction Does Not Meet The Necessary Threshold For Approval
IMAX Corporation Responds To Results Of Shareholder Vote On IMAX China Privatization Transaction; Despite 70% Of Shareholders Voting "For", Proposed Transaction Does Not Meet The Necessary Threshold For Approval
"Even though our proposal received the vast majority of votes cast, and support from both leading independent proxy advisory firms, the vote did not achieve the threshold needed for approval," said Rich Gelfond, CEO of IMAX. "While disappointing, the vote demonstrates that shareholders believe, as we do, that the future of IMAX China is bright. We are committed to our business in China and our team will continue to create new growth opportunities for the IMAX(R) brand and technology in this vital market for blockbuster entertainment. Furthermore, we will explore opportunities to deploy the incremental capital intended for this transaction through alternate means of creating shareholder value, such as share repurchases of IMAX Corporation stock."Despite 70% of Shareholders Voting "FOR", Proposed Transaction Does Not Meet the Necessary Threshold for Approval
尽管70%的股东投了赞成票，拟议中的交易仍未达到批准的必要门槛
NEW YORK, Oct. 10, 2023 /PRNewswire/ -- IMAX Corporation (NYSE:IMAX) today confirmed that the Company's proposal to acquire IMAX China's outstanding 96.3 million shares will not proceed following a vote by IMAX China shareholders.
亚洲网纽约2023年10月10日电IMAX公司(纽约证券交易所代码：IMAX)今天证实，在IMAX中国股东投票表决后，公司收购IMAX中国已发行的9630万股票的提议将被搁置。
At the Extraordinary General Meeting (EGM) of IMAX China shareholders held October 9 EST/October 10 HKT, 70% of the shares voted were in favor of the proposed transaction; however, votes against exceeded the 10% threshold required by Hong Kong law to defeat a privatization transaction. In total, approximately 61% of the total disinterested shares of IMAX China common stock were voted.
在香港东部时间10月9日/香港时间10月10日举行的IMAX中国股东特别大会上，70%的股份投票赞成拟议的交易，但反对票超过了香港法律规定的10%的门槛，以阻止私有化交易。总计，约61%的IMAX中国普通股的无利害关系股份获得了投票。
"Even though our proposal received the vast majority of votes cast, and support from both leading independent proxy advisory firms, the vote did not achieve the threshold needed for approval," said Rich Gelfond, CEO of IMAX. "While disappointing, the vote demonstrates that shareholders believe, as we do, that the future of IMAX China is bright. We are committed to our business in China and our team will continue to create new growth opportunities for the IMAX(R) brand and technology in this vital market for blockbuster entertainment. Furthermore, we will explore opportunities to deploy the incremental capital intended for this transaction through alternate means of creating shareholder value, such as share repurchases of IMAX Corporation stock."
IMAX首席执行官里奇·盖尔方德表示：“尽管我们的提案获得了绝大多数选票，并得到了两家领先的独立代理咨询公司的支持，但投票并未达到批准所需的门槛。”虽然投票结果令人失望，但投票结果表明，股东们和我们一样相信，中国的未来是光明的。我们致力于中国的业务，我们的团队将继续在这个重要的大片娱乐市场为IMAX(注册商标)品牌和技术创造新的增长机会。此外，我们将探索通过其他创造股东价值的方式来配置用于此次交易的增量资本的机会，例如回购IMAX公司的股票。“
IMAX China (HKSE: 1970.HK) is a Hong Kong-listed subsidiary established by IMAX Corporation to oversee its business in Greater China.
IMAX中国(香港联交所代号：1970.HK)是IMAX Corporation在香港上市的附属公司，负责监管其在大区中国的业务。
