Latest news with #shareholderProposal
Yahoo
6 days ago
- Business
- Yahoo
Glenbrook Calls on Tejon's Independent Directors to Act Now to Let Shareholders Call Special Meetings
PALO ALTO, Calif., May 22, 2025 /PRNewswire/ -- Glenbrook Capital Management ("Glenbrook" or "we"), a long-time shareholder of Tejon Ranch Co. (NYSE:TRC) ("Tejon" or the "Company") and owner of approximately 1.1% of outstanding shares of Tejon, today urged Tejon's Board of Directors (the "Board") to implement PFS Trust's shareholder proposal to allow Tejon shareholders owning a combined 10% of outstanding shares to call a special meeting of shareholders (the "Special Meeting Proposal"). Glenbrook also questioned the timing and motive behind Tejon quietly filing a $200 million shelf offering three days after the Tejon Annual Meeting of Shareholders (the "Annual Meeting") and before the newly elected Tejon board can properly consider it. Glenbrook believes the Board must respect the will of public shareholders and implement the Special Meeting Proposal given its significant – over 49% – shareholder support at the Annual Meeting and recommendations by leading shareholder advisory firms ISS and Glass Lewis. This was achieved despite Tejon devoting more than $3 million of Tejon shareholder funds on lawyers and PR firms to defeat it. Glenbrook Chairman Grover Wickersham commented: "Glenbrook hopes the Company's independent directors will adopt an open and shareholder friendly approach in place of Daniel Tisch and Greg Bielli's opacity and hostility. Despite the millions in Tejon shareholder money wastefully incinerated to denigrate and stop Bulldog, Andrew Dakos was still elected by shareholders at the Annual Meeting. We believe a second representative would have been elected if a few more shareholders had used Bulldog's green proxy card instead of the Company's card. It remains to be seen if Tejon's fulsome election promises about a "new direction" will be realized. Tejon public shareholders massively supported PFS Trust's shareholder proposal ("Item 4"). The 71,000 shares it failed by are dwarfed by stock awarded to Board members and officers under Tisch and Bielli. We expect the independent directors on the Tejon Board to listen to the majority of Tejon's independent public shareholders, ISS and Glass Lewis and implement the proposal. Given Tejon's history of insider purchases in rights offerings, resulting in public shareholder dilution, we are rightfully concerned after we saw the Company filed a $200 million shelf offering just three days following the Annual Meeting. This was filed without notice to existing shareholders or mention in Tejon's Annual Meeting proxy statement. Is this an attempt to 'change the math' before the next Annual Meeting? Given the proximity to the vote and the Board's track record of diluting public shareholders, the intention and timing of this offering are worrisome." Media Contact: ASC Advisors Taylor Ingrahamtingraham@ Investor Contact:Richard RudgleyPresident, Glenbrook Capital Management richard@ Grover WickershamChairman, Glenbrook Capital Management415-601-1111 Disclaimer and Cautionary Statement Regarding Forward-Looking StatementsThis press release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein in any state to any person. The information herein contains "forward-looking statements." Specific forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and include, without limitation, words such as "may," "will," "expects," "believes," "anticipates," "plans," "estimates," "projects," "potential," "targets," "forecasts," "seeks," "could," "should" or the negative of such terms or other variations on such terms or comparable terminology. Similarly, statements that describe our objectives, plans or goals are forward-looking. Forward-looking statements are subject to various risks and uncertainties and assumptions. There can be no assurance that any idea or assumption herein is, or will be proven, correct or that any of the objectives, plans or goals stated herein will ultimately be undertaken or achieved. If one or more of such risks or uncertainties materialize, or if Glenbrook underlying assumptions prove to be incorrect, the actual results may vary materially from outcomes indicated by these statements. Accordingly, forward-looking statements should not be regarded as a representation by Glenbrook that the future plans, estimates or expectations contemplated will ever be achieved. View original content: SOURCE Glenbrook Capital Management Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Japan Times
28-05-2025
- Business
- Japan Times
Nomura faces rare vote on shareholder's proposal of a name change
Nomura Holdings has received a shareholder proposal that it will put to a vote for the first time in 13 years at a general meeting next month, as activism in the nation's stock market heats up. The proposal seeks to change the company's name to Nomura Securities Group, according to a notice of the meeting. The shareholder isn't identified but is a former employee of Nomura's brokerage unit, according to a person familiar with the matter. A name change would help the company return to the principles of its founder, Tokushichi Nomura, after the firm went through a series of scandals, according to the shareholder. Those include manipulative trading in bond derivatives, which led to the company getting hit with a regulatory penalty and being temporarily left out from corporate bond deals. The board of Nomura is opposed to the proposal, according to the notice. The brokerage, which is commemorating its 100th anniversary this year, said it operates financial services globally beyond the securities business and its current name is widely recognized as the holding company of a financial services group. Activist investors are pressuring Japanese companies to boost shareholder returns, in line with a push by the Tokyo Stock Exchange and the government to make the nation's equity market more attractive for global investors. Many more stockholder activism campaigns in Japan are likely even after the proxy season wraps up in June, according to Bloomberg Intelligence analyst Yasutake Homma. In general for shareholder proposals, there likely are a fair number of cases where issues are resolved through dialogue with investors before general meetings, said Hideyasu Ban, another Bloomberg Intelligence analyst. "Companies may also persuade shareholders to withdraw their proposals ahead of time,' Ban said. "It is possible that no proposals have reached the stage of a vote as a result of such efforts.' Nomura's founder was born in 1878, also the year in which the Osaka and Tokyo stock exchanges were founded. He left behind a series of principles, including that the company's mission is to "enrich the nation through the securities business,' according to the firm's website.
Bloomberg
27-05-2025
- Business
- Bloomberg
Nomura Faces Rare Vote Over Shareholder's Name-Change Proposal
Nomura Holdings Inc. has received a shareholder proposal that it will put to a vote for the first time in 13 years at a general meeting next month, as activism in the nation's stock market heats up. The proposal seeks to change the company's name to Nomura Securities Group Inc., according to a notice of the meeting. The shareholder isn't identified but is a former employee of Nomura's brokerage unit, according to a person familiar with the matter.
