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Posted On: 11/10/2023 12:03:58 AM
Post# of 148878
Re: chazzledazzle #138894
Chazzle,
I am not sure there is a story, but this is what I found interesting. There were about 175M Broker Non-votes in the election of directors but no Broker Non-votes for the proposal to increase shares. The total votes cast were the same for directors (including Broker Non-votes) as increase in shares.
This was written in the Schedule 14A Proxy Statement for Proposal 3 to increase shares:
Pursuant to the General Corporation Law of the State of Delaware, this proposal must be approved by the affirmative vote of a majority of the outstanding shares of common stock of the Company entitled to vote on the proposal. Shares that are not represented at the Annual Meeting and abstentions (as well as broker non-votes if this proposal is deemed to be “non-routine” as described above under “Voting, Revocation and Solicitation of Proxies”), will have the same effect as a vote against this proposal.
https://www.sec.gov/Archives/edgar/data/11756...def14a.htm
One would think that approximately the same number of shares were voted for and against directors as well as for and against the additional shares (note: this may not be a valid assumption), yet the totals were not close if you exclude Broker non-votes in the director election. Perhaps, however, there were about 175M shares which were only voted in the share increase proposal, not in the other proposals.
I was hoping someone else could explain this. I am not questioning whether or not the proposal passed. I voted for the additional shares (as I suspect most everyone on this board did) and I was glad to see that it passed, but I don’t understand the vote totals.
I am not sure there is a story, but this is what I found interesting. There were about 175M Broker Non-votes in the election of directors but no Broker Non-votes for the proposal to increase shares. The total votes cast were the same for directors (including Broker Non-votes) as increase in shares.
This was written in the Schedule 14A Proxy Statement for Proposal 3 to increase shares:
Pursuant to the General Corporation Law of the State of Delaware, this proposal must be approved by the affirmative vote of a majority of the outstanding shares of common stock of the Company entitled to vote on the proposal. Shares that are not represented at the Annual Meeting and abstentions (as well as broker non-votes if this proposal is deemed to be “non-routine” as described above under “Voting, Revocation and Solicitation of Proxies”), will have the same effect as a vote against this proposal.
https://www.sec.gov/Archives/edgar/data/11756...def14a.htm
One would think that approximately the same number of shares were voted for and against directors as well as for and against the additional shares (note: this may not be a valid assumption), yet the totals were not close if you exclude Broker non-votes in the director election. Perhaps, however, there were about 175M shares which were only voted in the share increase proposal, not in the other proposals.
I was hoping someone else could explain this. I am not questioning whether or not the proposal passed. I voted for the additional shares (as I suspect most everyone on this board did) and I was glad to see that it passed, but I don’t understand the vote totals.
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