Definitely, Abercrombie and Fitch is putting off a special shareholders’ webinar meeting which is directed at political election. This election has some influence on altering the nation’s increase to Iowa reality. However there is too little stockholders support this move.
We have not got the pleased consensus in supporting the reincorporation at this point. We have no other better ways but postponing this special meeting, aiming at keeping on our dialogue. And we need discuss this significant corporate governance matter with our stockholders’ Senior Vice President and General Counsel Ronald A. Robins Jr. said in a statement.
According to the plan, the meeting would be held on Monday. However, Abercrombie & Fitch said its board had been anticipating changing its incorporation from to Ohio from Delaware, for this will make shareholders get best interests, noticed by a regulatory filing last week.
The preppy teen clothing company, which is based in New Albany, Ohio, comes up with the consideration that the reincorporation was being regarded to make the company a potential takeover.
Abercrombie & Fitch said in the Securities & Exchange Commission address that it spend more than one and half a year in reviewing corporate governance profile and working on the reincorporation proposal.
We spent lots of time, thought and energy on the problem how to develop the balanced corporate governance structure which put forward by the reincorporation proposal, and we spent a large amount of time in deal with the issues underlying the proposal with the corporation of key stockholders. We believe that the final proposal increase the company’s governance profile and benefits of all stockholders’ the company declared.
Furthermore, Abercrombie and Fitch UK mentioned proxy advisory companies Glass, Lewis & Co. ‘s support which is suitable for the specific reincorporation estimate.
Earlier this year Abercrombie Fitch UK reported the reason is fiscal fourth-quarter profit nearly doubled, for the revenue of business which improved in the U. S. and overseas continued to grow. The company, which has expanded internationally to make a compensation of slower U. S. growth, at the same time, said it would be increasing prices to deal with rising costs. This is a situation many retailers and consumer product companies will confront in these days.