AMC Entertainment Holdings
Silver Lake, the second largest holder, has sold its entire stake in the theater chain for $ 713 million.
Baron’s It was reported that private-equity firm Silver Lake was converting AMC (ticker: AMC) debt into stock earlier this week. In a Silver Lake filing with the Securities and Exchange Commission on Friday, the firm noted that it sold all 44.4 million shares on January 27, at an average price of $ 16.05.
At the end of 2020, Silver Lake’s AMC convertible notes gave it a 21.3% ownership stake in the company’s publicly traded Class A common shares. Silver Lake had a very low voting stake, as China-based Wanda America Entertainment held 51.8 million supervisory Class B shares at the time. Class B shares carry three votes, while Class A common shares carry one vote each. Wanda America controlled 58.8% of the voting power of AMC at that time.
Silver Lake did not immediately respond to a request for comment on the stock sale.
AMC stock has recorded a decline of 525.5% so far this year, which is in the midst of a short period in the market.
Inside Scoop features a regular baronet that covers stock transactions by corporate executives and board members – so-called insiders as well as large shareholders, politicians and other key figures. Due to their internal position, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.