Genworth to Put Off Annual Meeting
Blackrock and Vanguard continue to control about 20% of Genworth's shares.
Genworth Financial Inc. has decided to postpone its 2019 annual meeting to some date after July 18.
The Richmond, Virginia-based insurer announced the original annual meeting data Nov. 1, 2018.
Since then, has Genworth has extended efforts to get itself acquired by China Oceanwide Holdings Group Co. two times. Genworth pushed a Dec. 1, 2018, completion deadline back to Jan. 31, 2019, and then it pushed the Jan. 31, 2019, deadline back to April 30.
(Related: China Oceanwide and Genworth Extend Deal Completion Deadline)
China Oceanwide — a Beijing-based financial services and real estate development company — announced plans to acquire Genworth in October 2016.
Since then, the companies have had to deal with the concerns of insurance regulators, other financial services regulators, and data security regulators in many U.S. states, the U.S. federal government, China, Hong Kong, Australia, Canada and other jurisdictions.
Because the companies are still working on efforts to execute the deal, “the Board of Directors has decided to defer the 2019 Annual Meeting to a later date,” Genworth said today, in a notice filed with the U.S. Securities and Exchange Commission.
If Genworth does have a 2019 annual meeting, it will issue a press release giving the time, date and location of the meeting, Genworth said.
For 2018, Genworth originally scheduled its annual meeting for May 17, 2018. The company ended up holding the 2018 annual meeting Dec. 13, 2018.
In the new filing, Genworth also included some routine disclosures.
Genworth noted that BlackRock Inc. and the Vanguard Group Inc. continue to be its two biggest shareholders.
BlackRock and BlackRock funds control about 12% of Genworth’s shares, up from 11%.
Vanguard controls about 9.3% of the shares, up from 8.6%.
Genworth also gave an estimate of its market capitalization, or the value of all of its shares of common stock.
The company estimated its total market value was $2.2 billion, as of June 30, 2018.
About a year ago, when Genworth filed the postponement notice for the 2018 annual meeting, it said it had a market cap of $1.9 billion, as of June 30, 2017.
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