AMREP CORP. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by AMREP Corporation on September 19, 2013. The report details corporate governance actions taken on the same date, specifically regarding the 2013 Annual Meeting of Shareholders and amendments to the Company's By-Laws.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on corporate governance and shareholder voting results rather than financial performance.
Material Changes and Corporate Actions
- By-Law Amendment: The Board of Directors amended Section 1(a) of Article III of the By-Laws to establish that the Board consists of five directors.
- Shareholder Meeting Attendance: Shareholders holding 5,228,185 shares (out of 7,195,454 outstanding) were present in person or by proxy at the Annual Meeting.
- Director Election: Lonnie A. Coombs was reelected as a Class II director to serve until the 2016 Annual Meeting. He received 5,175,447 votes for and 52,738 votes withheld.
- Compensation Advisory Vote: Shareholders approved an advisory vote on executive compensation with 5,180,923 votes for, 34,664 against, and 12,598 abstentions.
- Voting Frequency: Shareholders voted to conduct the advisory vote on executive compensation annually. The Board confirmed this frequency will remain in effect until the next vote on frequency or a Board determination to change it.
Guidance, Outlook, and Risks
The filing text does not provide a clear value for financial guidance, outlook, management commentary on operations, risks, contingencies, or unusual items.
Key Facts for Investor Verification
- Verify the updated Board size of five directors as per the amended By-Laws.
- Confirm the re-election of Lonnie A. Coombs and his term expiration in 2016.
- Note the shareholder mandate for annual executive compensation advisory votes.
- Review the attached Exhibit 3.1 for the full text of the amended By-Laws.