Ackman targets investors in ADP proxy contest
Boston (Reuters) – billionaire hedge fund manager William ackman, whose firm owns 8.3 percent of the shares in automatic data processing, Inc. (ADP.O), turning the heat in a proxy war for the human resources outsourcing company by targeting the often-ignored goal influential group of people small investors.
the activist investor who spends a lot of time meeting institutional shareholders to Wall Street meeting is now talking directly to the main street investor through video, telephone and television, as his proxy fight with the ADP to intensify before the annual meeting of the company in November. 7.
ackman, 51, began voicing his criticism of the ADP performance in late August.
his campaign on himself and two other candidates tied to Pershing Square Capital Management hedge fund events ADP board taking almost rarely seen in proxy contests: the challenge to the company’s Investors in order to earn their votes.
individual shareholders holding 28 percent of the ADP shares while ackman of Pershing Square capital management has 8.3 percent, of which only 2 percent in common stock. Ackman company will be able to vote only shares of common stock.
ackman, known for his performances of 100-plus pages of the hours-long conference calls with analysts, will soon allow investors who Own less than one share, the ADP ask him anything they want. He is planning a conference call on a weekday evening at 8 pm. M. That will last as long as it takes. A date has not been set.
the usual method of investors dissidents like ackman just to send messages to individual investors, which often end up in the trash.
earlier on Wednesday, ackman video says investors have to open ADP in the future and you should send the management message in the November meeting that the status quo is no longer acceptable. (Here)
ackman in the video describes a company a great business gift is one that is underperforming. He wants the average investor to decide whether a big hedge fund manager like himself will experience in the conference room.
ADP refused all of ackman’s criticisms and said they don’t need to help him.
“the ADP Board is concerned that Pershing Square extreme-swing—the fences and the proposals of non-qualified candidates that would give services to customers and damage relationships, put the ADP value of investments shareholders’ funds at great risk.” A spokeswoman said on Wednesday.
ackman has also taken to the airwaves, appearing on business channel CNBC noon time show with a plan to appear on Jim Cramer’s “mad money” aimed at the MOM of the investor.
proxy contests are usually decided by institutional investors such as vanguard, Blackrock and State Street with activists like ackman made boxes behind closed doors.
the three funds companies are also the largest investor in the ADP and ackman is also appealing to them to vote no. Some told him they want the two sides to settle their differences.
ackman also visit proxy-voting advisory firm ISS before it makes recommendations to make institutional shareholders may wish to vote.
The purpose of retail shareholders, often overlooked in the proxy contest because they usually come back to management or don’t bother to vote at all, is now featuring prominently in a number of boards battles this year.
billionaire activist investor Nelson Peltz is to communicate with them as part of his campaign to shake up the consumer products company Procter & Gamble Co (PG.N).
similarly, ackman – who both won and lost a major proxy contest – the needs of individual investors to vote at this time.
proxy contest has gained Steam, the war of words is Action, ackman is trying to change the narrative. ADP CEO Carlos Rodriguez in mid-August referred to ackman “pampered” in an interview with CNBC. Ackman later said of this surprise his mother didn’t raise her.
while ackman’s Fund is losing money this year, it has earned an average of 10.6 percent per annum over the life of the Fund.
ackman said on Thursday to set the record straight, he did not want the car ADP. But the company, whose shares have gained 22 percent in the past year – it can perform better.
reporting svea fall bayliss in Boston; editing by Carmel Crimmins and Matthew Lewis
United States of America expect Madonna $ 4 billion in compensation fund to start this year
New York (Reuters) – the U.S. government expects this year to begin rate recovery of the $ 4 billion Fund for Bernard Madoff s victims, ending nearly nine years of waiting to start to recover losses from Ponzi scheme.
in a public letter on Wednesday, the U. S. Department of justice that it “recently notified victims whose petition was approved and continue to finish the initial distribution from the Fund of confiscated assets by the end of 2017.”
is dated by assistant Attorney General Stephen Boyd to be addressed to the Florida Congressman vern Buchanan, who had complained to the Ministry of Justice for payment on the dates specified.
Buchanan, a city on the coast of the Gulf of Florida.
recovery rate from the State Fund is expected to go to 35,508 Madoff victim ” in which the total losses exceeded $ 6.5 trillion.
almost all invested indirectly with Madoff, such as “feeder funds,” three quarters I received nothing since the Ponzi scheme revealed in December 2008.
Richard Breeden former United States securities and Exchange Commission, the President oversees the government fund, which was established in November 2013. Was not immediately available on Wednesday.
court appointment of a guardian liquidation of Bernard L. Madoff investment securities LLC. M. M, Irving Picard, who recovered about $ 12 million on Madoff clients, and is awaiting court approval of an additional 687 million in damages.
indirect investors are not eligible to recover from the liquidation.
Madonna, 79, is serving 150 years in prison.
reporting by Jonathan stamp in New York; editing by Margherita Choi