Disillusioned investors met in New York yesterday (22 October) to discuss alternatives to its plans.
The meeting was organised and hosted by Providence Capital, a firm that specialises in helping shareholders to tackle management they believe is not acting in their best interests.
Our objective is to provide a forum for Eastman Kodaks major shareholders to discuss the critical issues which have brought Kodaks share price to a 20-year low, said Providence Capital president Bert Denton.
Kodaks share price fell by 18% to a 20-year low when it announced its intention to cut dividends to fund investment and debt reduction as part of its turnaround plan (PrintWeek, 2 October).
At the meeting shareholders discussed Kodaks plan, alternative strategies to maximise shareholder value and a proposal from the shareholders to Kodaks board.
Story by Barney Cox
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