The expected rebellion against directors’ bonuses at the troubled Cineworld movie theatre chain happened on Monday, January 25.
Some investors were upset at the plans to hand over up to £208m in share-based awards to the board and only 70 per cent of them backed the award at the AGM. CEO Mooky Greidinger and deputy Israel Greidinger could take £65m each, but 29.8 per cent of the shareholders at the virtual meeting voted against.
The awards will be made depending upon the share price over the next three years. Cineworld raised £563m in new debt in November.
Meanwhile, another major cinema chain, AMC Entertainment, has fought off the threat of bankruptcy with the securing of £670m in new equity and debt financing.
Cineworld is the second-largest chain in the world with 9,518 screens on 790 sites in 10 countries. AMC is the world’s largest chain, with 2,866 screens in 358 venues in Europe and 7,967 screens in 620 venues in the US.
