It's no secret that GM wants to take the Government out of General Motors. "We don't like this label of 'Government Motors. It turns off customers." GM CEO Ed Whiatacre said in a conference last week. And now there's more proof that GM is pushing forward with an IPO rollout sooner rather than later.
On August 9, GM Filed with the SEC documents pertaining to the August 3 shareholder meeting. This document-- Form 8-K required by the SEC when a board member leaves (one did) and (amongst many other) when rules that deal with how many shares are necessary to vote change (they did)-- spells out two important things: 1) "Section 2.4 was amended to permit notice of a special meeting of the Board to be given less than 24 hours in advance as reasonable under the circumstances " 2) "Section 1.2 was amended to increase the minimum stock ownership required to qualify a stockholder or group of stockholders to call a special stockholder meeting from 15 percent to 25 percent."
This tells us two things: 1) They want to be able to move fast. Under 24 hours fast. From "let's do this" to gavel-banging vote, once the trigger is pulled, there's to be no dawdling. 2) There's someone who owns between 15 and 25 percent of GM stock that The Board does not want to be able to call a special stockholder meeting.
In unrelated news, the UAW holds 17.5 percent of GM.
greenpony says:
12:33 PM, 08/11/10
I smell fish. That could mean one of three things. You won't see me rushing out to buy shares of a newly-IPO'd GM.