• Voter paralysis

    With so much tilting voters against change, democratic reason is the loser, says Solly Moeng.

  • The power of perseverance

    True grit is a reliable predictor of who will achieve success in life, says Ian Mann.

  • It's the system

    The system sucks and it’s being used far too often as an excuse, says Mandi Smallhorne.

All data is delayed
Loading...
See More

Investor sues Apple in battle over cash

Feb 08 2013 13:25
AFP

San Francisco - Activist investor David Einhorn sued Apple on Thursday in a bid to force the giant technology company to distribute more of its $137bn in cash to investors.

Einhorn, the billionaire hedge fund manager of Greenlight Capital, filed the lawsuit in New York.

He wants the court to order Apple to allow a separate shareholder vote about the company's ability to issue preferred shares that would yield a dividend payment to shareholders.

Einhorn claimed that proposals scheduled for the company's annual shareholders' meeting scheduled for February 27 would make the issuance of preferred shares more difficult.

Apple's cash holdings represent nearly a third of the company's total value. But the company has never provided investors with a clear explanation of why it holds such large sums in low-yielding investments rather than returning it to shareholders.

Last year the company announced plans to return $45bn of that stockpile back to shareholders and in a statement on Thursday said it had already returned $10bn and was looking at ways of increasing the returns.

"As part of our review, we will thoroughly evaluate Greenlight Capital's current proposal to issue some form of preferred stock," Apple said. "We welcome Greenlight's views and the views of all of our shareholders."


Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

apple

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
5 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

THE DEBT ISSUE

Debt is one of the biggest financial issues facing South Africans today. Find out how you can avoid and manage your debt with Fin24 and Debt Rescue.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Would you take out a payday loan?

Previous results · Suggest a vote

Loading...