Lionsgate-Backed Board Nominees Won By Wide Margin
TORONTO -- A final tally of Lionsgate Entertainment's annual general meeting this week reveals the battle for board members between the mini-major and Carl Icahn wasn't close.
The official vote count from IVS Associates, released by Lionsgate on Thursday, indicates a wide margin of victory for the company's 12 board nominees. The number of votes ranged from 125.8 million (or 99.6% of votes cast) for Canadian TV exec Phyllis Yaffe to 69.7 million shares (55%) for Canadian businessman Harold Ludwig.
The top Icahn nominee of the five he put forth Tuesday was former Bertelsmann Entertainment executive Michael Dornemann, with 53.6 million votes (42.4%), while former Overture Films CEO Chris McGurk secured the fewest votes on the day, 46.2 million (36.5%).
"These results are a clear indication that Lionsgate shareholders understand our vision for Lionsgate and the tremendous potential for continued value creation under this board management," Lionsgate said in a statement.
The majority vote for Lionsgate brought to an end Icahn's proxy battle for control of the company, at least for now.
The shareholders' count was impacted by Icahn's failure to stop another major investor, Mark Rachesky, from voting the shares he acquired as part of a controversial July 20 debt-for-equity transaction that diluted Icahn's holding in Lionsgate from 38% to 32.8%.