14 DAY TRIAL // Apple has announced the Goldman Sachs Technology and Internet Conference at which CEO Tim Cook will speak on February 12, 2013, at approximately 7:15 a.m. PT/10:15 a.m. ET.
Those interested in listening to the webcast (streaming audio from the conference call), will require an iPhone, iPad, or iPod touch running iOS 4.2 or newer, any Macintosh computer running OS X 10.5 or above, or any PC running QuickTime 7 or later.
Tim Cook’s presentation is likely to touch on some sensitive subjects, such as the recent turmoil surrounding the company’s plunging stock price, as well as a proposal on its proxy statement to do more to unlock value for shareholders.
There has been some concern from Greenlight Capital’s David Einhorn regarding Apple’s way of handling its huge cash pile.
The fund manager sued the Cupertino company in a federal court in New York to force Apple to modify a proposal on its proxy statement.
Einhorn said his firm was “dissatisfied with Apple’s capital allocation strategy,” adding that Apple needed to find a way to distribute cash back to shareholders.
However, Apple itself answered with a statement noting that Proposal #2 included some recommended changes to the company’s articles of incorporation, as a part of its efforts to further enhance corporate governance and serve investors’ interests.
“These changes were recommended independently of Greenlight’s proposal and would not preclude Apple from adopting their concept,” Apple said.
“Contrary to Greenlight’s statements, adoption of Proposal #2 would not prevent the issuance of preferred stock,” the company added.
The Mac maker further explained that its articles of incorporation “provide for the issuance of ‘blank check’ preferred stock by the Board of Directors without shareholder approval.”
Apple clarified that should Proposal #2 be accepted, “shareholders would have the right to approve the issuance of preferred stock. As such, Proposal #2 has the support of many of our shareholders,” the tech giant said.