Today : Tuesday - Sep 16, 2014, 06:26am (GMT+5.5)
All News  
Top News
National News
International News
Business News
Sports News
   » Cricket
   » Football
Entertainment News
Sci - Tech
Politics News
Health & Fitness
Gulf News
::| Latest News
News in Pictures

Reliance Communications has made full repayment of two loans amounting to $1 billion (around Rs 6,000 crore), during the quarter ended June 30.The repayments have been from the company's rupee resources.

Business News

Wall St hedge fund manager tries to force Apple to give more of its $137bn cash pile

Friday - Feb 08, 2013, 02:31pm (GMT+5.5)
[+] Text [-]

London - A Wall Street hedge fund manager is suing Apple in a bid to force the teach giant to give more of its 137.1 billion dollars cash pile to investors, a report had said.

David Einhorn, the head of Green Light Capital, said Apple must "examine all of its options to unlock the growing value of its balance sheet for all shareholders".

Until recently, Apple shares were the hottest on Wall Street as the success of the iPhone and iPad sent them to a record high of 705 dollars in September.

Since then, fears that Apple's growth is slowing and its margins are shrinking have seen the shares lose more than a third of their value.

Tim Cook is facing pressure to find ways of returning the cash the company has accumulated to shareholders.

According to the paper, Einhorn is suing to prevent Apple eliminating preferred shares, something the iPhone maker wants to do at its annual shareholder meeting this month.

Although preferred shares do not carry voting rights, they do typically carry a greater responsibility to pay dividends, the paper said.

The hedge fund manager instead wants Apple to issue more preferred shares that would offer shareholders dividends, it added.

Einhorn described Apple as a "phenomenal company filled with talented people creating iconic products", but said the proposed change "unnecessarily limits the board's flexibility to distribute preferred stock as a means of unlocking shareholder value".


Rating (Votes: )   

blog comments powered by Disqus

Other Articles:
Reserve Bank lowers outlook for Australian economy (8th Feb, 2013)
China's foreign trade surges (8th Feb, 2013)
Germany cocoa in high global demand (8th Feb, 2013)
Odisha temporarily suspends Posco land takeover (8th Feb, 2013)
Nissan unit Jatco to invest $220 mn in Mexican plant (8th Feb, 2013)
Porsche to celebrate 50th birthday of 911 (8th Feb, 2013)
Jaguar's all-wheel drive sedans unveiled (8th Feb, 2013)
SPS, Doehle Danautic tie up for logistic services (8th Feb, 2013)
HMV to shut down 66 stores (8th Feb, 2013)
Income Tax gets forensic experts to check Nokia's computers (8th Feb, 2013)
Investor sues Apple in battle for cash hoard (8th Feb, 2013)
Economic growth may slump to decade low at 5 percent (7th Feb, 2013)
Penguin introduces self-publishing platform in India (7th Feb, 2013)
Face-lift for corporate aircraft available in India (7th Feb, 2013)
NTPC stake sale oversubscribed 1.7 times (7th Feb, 2013)
India's per capita income may rise to Rs.39,143 (7th Feb, 2013)
India lowers 2012-13 growth forecast to 5 percent (7th Feb, 2013)
NABARD's authorised capital raised to Rs.20,000 crore (7th Feb, 2013)
Chidambaram assures more steps to revive growth (7th Feb, 2013)
Cabinet approves SPV for TAPI pipeline, GAIL to join (7th Feb, 2013)
Sensex trading flat; consumer durables, metal stocks fall (7th Feb, 2013)
UK retailers deny BalckBerry boss' 'new smartphones selling beyond expectations' claimUK retailers deny BalckBerry boss' 'new smartphones selling beyond expectations' claim (7th Feb, 2013)
RBS slapped with £390m fine for ‘widespread misconduct’ in Libor-rigging scandal (7th Feb, 2013)
News Corporation's net income doubles in Q4 (7th Feb, 2013)
Twitter boss wants 'billion users' to 'topple Facebook' (7th Feb, 2013)

Contact Us | Advertise with Us | Privacy Policy | Disclaimer | Terms of Use