Lions Gate’s Biggest Shareholder Likely to Join Board

0

Lions Gate Entertainment Corp. shareholder and director Mark Amin has sold three-quarters of his stake, a likely precursor to his not being nominated for reelection to the board this fall. That could pave the way for Lions Gate to nominate its largest shareholder, Mark Rachesky, who owns nearly 20 percent of the stock.

In an interview, Amin said he had sold 650,000 of his 830,000 shares since Thursday for “personal reasons” related to other financial pressures. Earlier this year his shares fell below the level that required Lions Gate to nominate him as one of its four U.S. directors to its 12-member board. People close to the situation said Lions Gate planned to nominate Rachesky to fill Amin’s seat.

Last week, activist shareholder Carl Icahn, who has been tightening his grip on Lions Gate and also been seeking board seats, revealed that he had boosted his stake to 15.6 percent from 14.5 percent over the last month — becoming the company’s largest shareholder behind Rachesky.


& #8226;

Read the full

Los Angeles Times

story.

No posts to display