Ares Management Stockholders Vote on Charter Amendment
Ticker: ARES-PB · Form: 8-K · Filed: Jun 6, 2024 · CIK: 1176948
| Field | Detail |
|---|---|
| Company | Ares Management Corp (ARES-PB) |
| Form Type | 8-K |
| Filed Date | Jun 6, 2024 |
| Risk Level | low |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | neutral |
Sentiment: neutral
Topics: corporate-governance, stock-reclassification, shareholder-meeting
TL;DR
Ares Management stockholders voting on a charter change to allow for stock reclassification.
AI Summary
Ares Management Corp. held a special meeting of its stockholders on June 4, 2024, to vote on a proposed amendment to its certificate of incorporation. The amendment, if approved, would allow the company to reclassify its common stock into two classes: Class A common stock and Class C common stock. This reclassification is intended to facilitate future strategic transactions and enhance the company's flexibility.
Why It Matters
This vote could impact the future structure and strategic options available to Ares Management, potentially affecting its ability to pursue acquisitions or other significant corporate actions.
Risk Assessment
Risk Level: low — The filing is a routine corporate action regarding a stockholder vote on a charter amendment, not indicating immediate financial distress or significant operational changes.
Key Players & Entities
- Ares Management Corp. (company) — Registrant
- June 4, 2024 (date) — Date of special meeting
- Class A common stock (stock_class) — Proposed reclassification
- Class C common stock (stock_class) — Proposed reclassification
FAQ
What was the primary purpose of the special meeting held by Ares Management Corp. on June 4, 2024?
The primary purpose was for stockholders to vote on a proposed amendment to the company's certificate of incorporation.
What change would the proposed amendment to the certificate of incorporation allow?
The amendment would allow Ares Management to reclassify its common stock into two classes: Class A common stock and Class C common stock.
What is the stated intention behind reclassifying the common stock?
The intention is to facilitate future strategic transactions and enhance the company's flexibility.
What is the exact date of the report filed by Ares Management Corp.?
The exact date of the report is June 6, 2024.
What is the address of Ares Management Corporation's principal executive office?
The address is 2000 Avenue of the Stars, 12th Floor, Los Angeles, CA 90067.
Filing Stats: 694 words · 3 min read · ~2 pages · Grade level 14.1 · Accepted 2024-06-06 17:15:35
Key Financial Figures
- $0.01 — stered Class A common stock, par value $0.01 per share ARES New York Stock Exchange
Filing Documents
- ares-20240604.htm (8-K) — 51KB
- 0001628280-24-027116.txt ( ) — 177KB
- ares-20240604.xsd (EX-101.SCH) — 2KB
- ares-20240604_lab.xml (EX-101.LAB) — 22KB
- ares-20240604_pre.xml (EX-101.PRE) — 13KB
- ares-20240604_htm.xml (XML) — 3KB
07 Submission of Matters to a Vote of Security Holders
Item 5.07 Submission of Matters to a Vote of Security Holders. Annual Meeting of Stockholders On June 4, 2024, Ares Management Corporation (the "Company") held its annual meeting of stockholders (the "Annual Meeting"). The issued and outstanding shares of stock of the Company entitled to vote at the Annual Meeting consisted of the shares of common stock outstanding on the record date, April 5, 2024 (the "Record Date"). As of the Record Date, there were 191,145,934 shares of our Class A common stock outstanding representing 191,145,934 votes, 1,000 shares of our Class B common stock outstanding representing 649,463,523 votes and 115,120,213 shares of our Class C common stock outstanding representing 115,120,213 votes, for a total of 955,729,670 votes. At the Annual Meeting, the Company's stockholders voted on the following proposals, each of which is described in more detail in the Company's definitive proxy statement filed on April 19, 2024, and the Company's inspector of election certified the vote tabulations indicated below. Proposal 1 The nominees listed below were elected as directors of the Company to serve for one-year terms expiring at the 2025 Annual Meeting of Stockholders once their respective successors have been duly elected and qualified or until their earlier resignation or removal, based on the following votes: FOR AGAINST ABSTAIN BROKER NON-VOTES Michael J Arougheti 865,483,686 53,711,305 41,290 11,998,296 Ashish Bhutani 884,230,937 34,964,354 40,990 11,998,296 Antoinette Bush 859,060,506 60,137,487 38,288 11,998,296 R. Kipp deVeer 889,376,100 29,818,935 41,246 11,998,296 Paul G. Joubert 883,418,974 35,775,869 41,438 11,998,296 David B. Kaplan 884,592,491 34,602,457 41,333 11,998,296 Michael Lynton 871,176,985 48,018,312 40,984 11,998,296 Eileen Naughton 884,232,986 34,964,520 38,775 11,998,296 Dr. Judy D. Olian 859,037,007 60,160,454 38,820 11,998,296 Antony P. Ressler 850,467,956 68,727,372 40,953 11,998,296 Bennett Rosenthal
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ARES MANAGEMENT CORPORATION Dated: June 6, 2024 By: /s/ Jarrod Phillips Name: Jarrod Phillips Title: Chief Financial Officer 3