1) ist schubbo nicht despektierlich gemeint (btw: ich kenne deinen vornamen, wir haben schon mal geschrieben ;) )
2) bin ich auch freiburg anhänger (dachte ich mir auch fast, dass das auf die georgischen freiburger spieler zurückgeht ;) )
jetzt zum inhaltlichen: beide share classes sind in gleicher höhe stimm- / kapitalberechtigt ... es ist def acto nur eine aktiengattung .... wie gesagt, ich hab noch in kein filing reingeschaut (das stand auch so in diesem FAQ pdf bei der dividendenausgabe) ...
ich hab kurz ein paar infos von seeking alpha zusammengetragen (verschiedene quellen auf SA)
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APE shares
642.75M as of 12/22/22
+60.00m 1st Tranche (ATM Issuance)
+106.60m 2nd Tranche (post HSR expiration)
+91.03m $100m 2026 Note Exchange
+ 41M (the amount left in the ATM program announced on Sep-26th)
= c. 942m $APEs outstanding to vote on convertibility
vs 516,838,912 shares of Common Stock outstanding as of 12/22/22
For the vote to pass, 50% of the shares outstanding must approve it. The total amount of shares is approximately: 517M AMC + 517M APE (distributed as dividend) + 425M APE (sold per ATM program) = 1,460M. So ~730M shares must be voted in favor. A shareholder that doesn’t cast a vote is effectively counted as opposed. Thus about 75% of the APE shares must be voted in favor (assuming no AMC shareholders do). I assume that all the various hedge funds that are long APE shares and short AMC (via short stock, or short-calls + long-puts) will vote their APE shares in favor.
The vote presumably has a very high probability of passing on the first attempt due to the number of APE shares, and the fact that Antara will definitely vote all of its APE shares, and that everyone who owns even a little more APE than AMC has a financial incentive to vote ... and many AMC holders have picked up at least a little more APE relative to their AMC positions based on the huge discount. With these 2 big pieces of news (huge jump in APE numbers plus plan to hold a vote), even more AMC holders will be jumping in on the disparity and buying extra APE in order to benefit from it.
Even if the first vote doesn't pass, one way or another the APE shares will be converted to AMC shares. Even if the first vote doesn't garner 50%, the company has ways in which it can get it done and they will get it done. This includes that they could issue another "dividend new share" type similar to APE that also has voting rights, and which they can sell more of. If they come up 5% short of 50% in the first vote, they can issue a new share type with a ticker symbol of NPU (New preferred units) as a dividend with each holder of APE and AMC getting 1 NPU, then simply issue 10% more NPUs to raise money to a large institutional investor who they know will participate in the next vote.
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das entspricht mehr oder weniger meinem geschriebenen