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.
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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.
