Neuberger Berman Urges the Board to Follow the
Will of Shareholders and Modify the Plan of Arrangement in
Connection with the Company's Planned Business Separation
NEW
YORK, Nov. 30, 2023 /PRNewswire/ -- Neuberger
Berman, a private, independent, employee-owned investment manager,
today announced that shareholders of Lions Gate Entertainment Corp.
("Lions Gate" or the "Company") (NYSE: LGF.A, LGF.B) have voted
overwhelmingly to approve a proposal submitted by Neuberger Berman
calling upon the Board of Lions Gate to eliminate the Company's
dual-class share structure.
Based on voting results disclosed by the Company in its Form 8-K
filed on November 29, 2023, Neuberger
Berman's proposal received the support of 62% of the total shares
voted at the Company's 2023 Annual General and Special Meeting of
Shareholders (the "Annual Meeting").
"We are grateful for the support of our fellow shareholders who
joined our efforts to advance this foundational principle of
corporate governance," said Benjamin Nahum, Managing Director and
Senior Portfolio Manager of Neuberger Berman. "We encouraged the
Board of Directors to take the lead on this issue and act
proactively to eliminate the dual-class structure. Now,
shareholders have spoken, and their message is clear: Lions Gate
should move expeditiously to align voting and economic interests
prior to the effective time of the planned business
separation."
Mr. Nahum continued: "In light of this overwhelming expression
from shareholders, we call upon the Board to remediate this
governance deficiency and modify the plan of arrangement before
seeking final court approval to ensure that all shares of both
Lions Gate and the soon to be separated company are entitled to one
vote per share. Doing so, in our view, will improve alignment and
accountability, increase the prospects for capital formation and
investment, and enhance the prospects of long-term value creation
for both companies."
Caitlin McSherry, Director of
Investment Stewardship, Neuberger Berman, said of the vote, "We
think this sends an especially strong message to the board given
the degree of company insider ownership. We encourage the board to
consider the vote results excluding votes cast by insiders. This
may result in a meaningfully higher level of support than the
reported 62%. Company insiders represent at least 24% of
outstanding shares."
About Neuberger Berman
Neuberger Berman, founded in 1939, is a private, independent,
employee-owned investment manager. The firm manages a range of
strategies—including equity, fixed income, quantitative and
multi-asset class, private equity, real estate and hedge funds—on
behalf of institutions, advisors and individual investors globally.
Neuberger Berman's investment philosophy is founded on active
management, engaged ownership and fundamental research, including
industry-leading research into material environmental, social and
governance factors. Neuberger Berman is a PRI Leader, a designation
awarded to fewer than 1% of investment firms. With offices in 26
countries, the firm's diverse team has over 2,750 professionals.
For nine consecutive years, Neuberger Berman has been named first
or second in Pensions & Investments Best Places to Work in
Money Management survey (among those with 1,000 employees or more).
The firm manages $449 billion in
client assets as of September 30,
2023. For more information, please visit our website at
www.nb.com.
Media Contact: Alex Samuelson,
212 476 5392, Alexander.Samuelson@NB.com
All Neuberger Berman information is as of September 30, 2023, unless otherwise indicated
and is subject to change without notice. Firm data, including
employee and assets under management figures, reflects collective
data for the various affiliated investment advisers that are
subsidiaries of Neuberger Berman Group LLC. Firm history/timeline
includes the history of all firm subsidiaries, including
predecessor entities and acquisitions.
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SOURCE Neuberger Berman