Important Takeaways From Reading International’s 2015 Annual Meeting by Andrew Shapiro,
Summary
This year’s Annual Meeting attendance and voting and management’s slide presentation and Q&A all provided incremental intelligence to an evolving value-unlocking situation.
Reading’s Cinemas 1, 2 & 3 property development could be worth far more if negotiations with a contiguous parcel owner succeed.
The fight amongst Cotter family siblings over their father’s estate and voting control of Reading is an incremental catalyst to unlock value.
Reading International’s conservative balance sheet (less than 12% adjusted debt/equity) provides flexibility to develop underutilized real estate, build, acquire or enhance cinemas or return capital to shareholders.
