Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
On January 3, 2012, Reading International, Inc. (“Reading”) announced that it had amended its bylaws to increase the size of the Board of Directors from eight (8) to nine (9) members and elected Tim Storey to fill the resultant vacancy, effective December 28, 2011.
Mr. Storey, 54, has served as a director of our wholly owned New Zealand subsidiary since 2006. He has served since April 1, 2009 as a director of DNZ Property Fund Limited, a commercial property investment fund based in New Zealand and listed on the New Zealand Stock Exchange, and was appointed Chairman of the Board of that company on July 1, 2009. Mr. Storey is also a director of NZ Farming Systems Uruguay, also a New Zealand listed company, having joined that board in November, 2011. NZ Farming Systems Uruguay owns and operates dairy farms in Uruguay. Prior to being elected Chairman of DNZ Property Fund Limited, Mr. Storey was a partner in Bell Gully (one of the largest law firms in New Zealand). Mr. Storey is also a principal in Prolex Advisory, a private company in the business of providing commercial advisory services to a variety of clients and related entities. Prolex provides consulting services primarily with respect to fund management and commercial property/project transactions across a range of industries including health care, community housing, student accommodations and agriculture.
Mr. Storey brings to the board many years of experience in New Zealand commercial and real estate matters, and experience as a director of our New Zealand subsidiary.
Item 8.01. Other Events
Stock Buy Back
On December 29, 2011, the Company re-purchased 100,000 Class A Common Stock shares at $4.15 per share, for an amount totaling $419,005.25, in a privately negotiated transaction.
Not to be offensive, but it just seems to me you have been stuck in an illiquid stock and are now just hoping for the best. Burwood has been on the block for a few years now and no one has bought it. It leads me to wonder if the new strategy to monetizing it is nothing more than false hope that they may finally be able to do something with it. When I look at this stock, I do not see a company with assets that people want. I see a highly leveraged cinema company. Then again, it is different opinions which make a market. Since I have no position, I wish you the best of luck.