Don't know what's going on (as usual with this company). They usually make an SEC filing that provides the results of the annual meeting.
The big sellers will be out. Just my guess but Donald Smith must be the distributor du jour. Probably fed up with the poor capital allocation just like NWLI. Will the value of these companies ever be realized?
Thoughts on this?
After consideration, the Company has decided to make changes to certain corporate governance provisions that will be in place at the holding company, if the reorganization is approved by the Company's shareholders. These changes will (i) permit the Holding Company's bylaws to be amended by the affirmative vote of a majority of the holders of stock entitled to vote; (ii) provide that a special meeting of the stockholders may be called by the secretary of the proposed holding company upon the written request of record holder(s) of at least ten percent of the outstanding shares of the Holding Company's common stock; and (iii) provide that the Holding Company will not be governed by Section 203 of the General Corporation Law of the State of Delaware ("DGCL"), an anti-takeover provision of the DGCL.
I know that is shocking!!!
What is actually shocking is that my post from earlier today stating that fact was removed by Yahoo.
I guess Yahoo has a deal with CNBC so it must be against policy to allow the truth to come out.
What a shame and what a sham.
All-in-all I agree with your comments. It might have been better to buy back shares in the open market at the big discount to NAV instead of the special dividend. JMHO.
Sounds good, but we would get better results talking to the wall. NWLI is even more undervalued and the dividend is comically small.
One thing I've noticed with these nut-jobs is that the Moody National Bank owns a huge position in ANAT but does not own any NWLI. Just another mystery with the management of these companies.
Read the annual report. Focuses on doing things the "right way". Wow, I could not disagree more:
Share price at a 52 week low
Share price at a 48% discount to stated book value
Ignoring shareholder requests for more appropriate capital allocation
Using the ratings agencies as an excuse to hoard cash
It's all pretty much a book of fiction.
I plan on voting no to everything on the list. Of course I'm just an individual so can't influence the outcome.
But you are correct - if there were ever a time to hold these folks accountable and enact some changes it is now.
Since the management runs the company so ultra-conservatively they are probably in complete denial about the lawsuit or totally freaked out.
My hopes are that some of the large shareholders make an appearance at the annual meeting and demand some changes to corporate governance and capital allocation.
At 53% of stated book value the stock is quite cheap, but with no buyers it will probably get cheaper.
It is amazing how .22 percent of the shares can trade and drop the value of the company by 3%.
This really could be an opportunity for an activist to stir the pot. The company really needs to take the interests of public shareholders into consideration.
Be sure to vote early and often when you get the NWLI proxy.
Be sure to remember all the kind and blessed things Capt. Hoarder has bestowed on us minions.
I wonder if all the insider shares can be voted from jail?