Thursday, May 7, 2015

Land & Buildings Publishes "Restore MGM" Video

This video can be found at

Background to the activism:

3/17 Land and Buildings (L&B) proposed MGM convert to a REIT to unlock value and nominated four to the board; L&B issued a presentation indicating a 70% upside in stock value

3/30 L&B filed preliminary proxy materials nominating four people to the board 

4/1 L&B sent a letter to MGM calling on the board to form a committee and engage an independent financial advisor to evaluate options to create long term valu

4/20 L&B sent a letter to shareholders highlighting the reasosn to vote for its four board candidates

4/27 L&B joined Pontiac General Employees Retirement System in calling for MGM to eliminate its Dead Hand Proxy Put provision in the company's debt agreemen

4/29 MGM issued a shareholder presentation titled, "Improved Stewardship for Improved Returns" 
On the same day Paulson & Co (a 1.42% shareholder) announced its support for MGM's nominees, saying the company should continue its strategy to build another resort in Macau and invest in non-gaming attractions in Nevada.