How to waste tens of millions of dollars: Fighting a battle for board representation between a competitive activist shareholder named Nelson Pelz (who is “only” worth about $1. 7 billion) and veteran Disney chairman and CEO Bob Iger, who is once at the helm of the corporate enterprise that Hollywood calls “The House of Mouse. “
But just as the dispute with Disney is resolved, reports imply that Paramount, the company that owns Ten Network in Australia, is about to be sold to a personal investor named Skydance and reports imply that the two teams are not far from reaching an agreement.
Now there will be hypotheses about a dissolution of Paramount to all hypotheses about Disney.
The junta war is the second time since 2022 that Nelson Pelz and Disney have faced off in a fight for dominance at The Mouse House; This time, unlike in 2022, it was a long and unsightly shareholder proxy vote.
For much of the past year, Pelz has been slowly convening to force a proxy vote ahead of Disney’s annual meeting on Wednesday.
The deadline for the vote was Tuesday, and as the sun rose in Hollywood on Wednesday, it became clear that Iger and the board had won and Pelz had lost, for the second time in two years.
And at Wednesday’s meeting, shareholders voted in favor of Disney’s entire board of directors, leaving Pelz and his main backer, Marvel Group founder Ike Perlmutter, with an attractive capital gain (for him) an overall defeat.
A second activist group, Blackwells, has also lost its efforts to push for adjustments in the board.
Between them, Disney and Pezz’s Trian Group have spent about $100 million to fight, though some analysts estimate that figure is much higher given the amount of control time both sides spend fighting.
The fight caused Disney’s stock value to rise more than 40% during the battle, but they sold their percentages after the vote and closed more than 3% with the warmth and tension of percentage value and no prospect of a division of the empire.
Pelz had been seeking to secure two seats on Disney’s board of directors through his campaign, but according to results released Wednesday, shareholders rejected Peltz’s advance, the company said. They also rejected an attempt to win a seat on the board of directors for former Disney executive James Rasulo.
Disney’s two largest shareholders, Vanguard and BlackRock, regained control in the final days ahead of Wednesday’s meeting, but the key detail appears to have been the second-largest shareholder, The Murdoch Family Trust, with around 4%.
Peltz argued that Disney CEO Bob Iger failed to identify a good enough succession plan and that the company mismanaged executive pay and expenses. Iger first served as CEO for 15 years before stepping down in 2020, when he passed the torch to Bob Chapek. Less than three years later, he returned after becoming dissatisfied with Chapek’s performance.
Disney’s war with Peltz erupted in 2022, when the billionaire first raised the issue of board representation. Disney told him to leave and Pelz even tried to embarrass Iger, claiming in a public filing with regulators that Disney’s CEO had to schedule a board meeting around plans to “sail his yacht off the coast of New Zealand. “
Eventually, the explanation of why prevailed and both sides resolved their differences, and Peltz resigned, albeit for a long time.
He came here in 2023 to apply for a seat on the board of directors and was told “no. “So he took the case directly to shareholders in a proxy fight, getting buyout from other major shareholders and a major institutional incumbent: CalPERS, the California Government Workers Fund and the largest of its kind in the U. S. It is the largest U. S. government, with about a portion of a trillion dollars under management.
Peltz introduced an attack (and had some success) on the forums of giant corporations like Procter.
The Murdoch family’s point of view in the plot hasn’t been raised much with the exposure aimed at Pelz and Calpers’ shocking resolution towards it.
Murdoch Family Trust owns about 4. 4% of Disney, which he got in the $71 billion asset swap in 2019 between Fox and Disney. This stake is worth about $9 billion.
Now let’s move on to the next installment that updates Bob Iger. Disney board member Dana Walden is the big tip. She is an experienced media manager.
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Increases across all areas of Deep Leads resources: quality, tonnage and target area ABx Group has reported a 30% increase in its Mineral Resource Estimate (MRE) at the Deep Leads Ionic Adsorption Clay (IAC) rare earth deposit in northern Tasmania. The accumulation in MRE comes from 36 extension wells analyzed, representing a significant northward extension for the existing Deep Leads prospect.
Lake Resources (LKE. ASX) – LKE has signed two non-binding memorandums of understanding within 10 days. Ford Company (Ford) has signed a memorandum of understanding for about 25,000 t/year and last week, Hanwa, a Japanese commodity trading company, signed a memorandum of understanding for up to 25,000 t/year. Subject to execution, this is a feat as Ford and Hanwa are in a position to engage in longer-term strategic partnerships with LKE. Commercial negotiations are still ongoing, but they should, i. e. if Ford and Hanwa inject new capital into LKE, it will further reduce the risk of the financing of the assignment and thus ensure that LKE and Kachi are fully funded.
Two recent severity studies have particularly exceeded expectations and revealed the possibility of expanding the existing MRE at Throssell Lake, as well as a significant expansion opportunity at Yeo Lake. This reinforces the prospect of a multi-decade-long Tier 1 SOP production facility around Throssell Lake.
TMG is currently completing paints for the planned PFS in early 2023, adding the start of drilling in the third quarter of 2022, evaporation testing and permitting activities. The effects of these systems will affect the SFP and any long-term resource improvements.
SOP reference prices have risen to around 940 USD/t due to recent geopolitical developments. The October 2021 scoping study assumed an SOP value of $550/t and contained a sensitivity study showing that every 10% accumulated in value effects at a cumulative $144 million in NPV of the $364 million allocation. The increase of approximately 70% during the scoping study implies an allocation NPV of approximately $1. 4 billion.
Despite the drop in oil and fuel prices, which fell by 5. 4% and 19. 7% respectively in August, Calima managed to record an improvement in its key industry indicators.
WT Financial Group Limited (WTL) is a fast-growing diversified monetary company founded in 2010 and indexed on the Australian Securities Exchange (ASX) in 2015. Their recommendations and product offerings are primarily provided through an organization of independent money advisors who act as legal representatives. . de WTL in connection with its broker organisation business Wealth Today Pty Ltd (Wealth Today) and Sentry Group Pty Ltd (Sentry Group). It has approximately 275 advisers in more than two hundred money advice firms across Australia. It also operates a direct-to-consumer operation under its Spring Financial Group brand.
In May 2021, Corporate Connect analyst Marc Sinatra published a comprehensive study report on ASX-listed biotech company Immutep Ltd (ASX: IMM). He was so inspired by IMM that Corporate Connect felt it was imperative to publish a follow-up report that valued the company. as the market did not see the great prospects of Eftilagimod Alpha (EFTI).
The follow-up report published today. Using comparables, after adding a monetary rebate to its EV estimate and dividing it by the total number of percentages issued, Corporate Connect now puts the fair price of a percentage of Immutep at A$2. 20.