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MarketScreener Homepage  >  Equities  >  Nyse  >  AMREP Corporation    AXR

AMREP CORPORATION

(AXR)
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AMREP CORP. : Submission of Matters to a Vote of Security Holders, Other Events (form 8-K)

09/11/2020 | 04:34pm EST

Item 5.07 Submission of Matters to a Vote of Security Holders.




The 2020 Annual Meeting of Shareholders of AMREP Corporation (the "Company") was
held on September 10, 2020. At the meeting, shareholders holding an aggregate of
7,905,811 shares of common stock, par value $.10, of the Company out of a total
of 8,141,904 shares outstanding and entitled to vote, were present in person or
represented by proxy.


At the meeting, Albert V. Russo was elected as a director of the Company in
Class III by the final votes set forth opposite his name, to hold office until
the 2023 Annual Meeting of Shareholders and until his successor is elected
and
qualified:



                   Votes For       Votes Withheld       Broker Non-Votes
Albert V. Russo     5,713,601           177,689              2,014,521



The following proposal was voted on and not approved at the meeting:




               Proposal                    Votes For       Votes Against       Abstentions       Broker Non-Votes
Advisory vote on the compensation paid
to the Company's named executive
officers                                    2,548,503         3,339,561            3,226              2,014,521



The following proposal was voted on and approved at the meeting:




               Proposal                    Votes For       Votes Against       Abstentions      Broker Non-Votes
Ratification of the appointment of
Marcum LLP as the Company's independent
registered public accounting firm for
fiscal year 2021                            7,888,298           12,104             5,409                    0


Item 8.01 Other Events.


On September 10, 2020, the Board of Directors (the "Board") of the Company
authorized the Company to purchase up to 1,000,000 shares of common stock of the
Company from time to time pursuant to a share repurchase program, subject to the
total expenditure for the purchase of shares under the share repurchase program
not exceeding $5,000,000, exclusive of any fees, commissions and other expenses
related to such repurchases.



Under the share repurchase program, the Company may repurchase its common stock
from time to time, in amounts, at prices, and at such times as the Company deems
appropriate, subject to market conditions, legal requirements and other
considerations. The Company's repurchases may be executed using open market
purchases, unsolicited or solicited privately negotiated transactions or other
transactions, and may be effected pursuant to trading plans intended to qualify
under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.
The share repurchase program does not obligate the Company to repurchase any
specific number of shares and may be suspended, modified or terminated at any
time without prior notice. The share repurchase program does not contain a time
limitation during which repurchases are permitted to occur. The Company cannot
predict when or if it will repurchase any shares of common stock as such share
repurchase program will depend on a number of factors, including constraints
specified in any Rule 10b5-1 trading plans, price, general business and market
conditions and alternative investment opportunities.



The Private Securities Litigation Reform Act of 1995 provides a safe harbor for
forward-looking statements made by or on behalf of the Company. This report
contains statements that are "forward-looking". All statements that express
expectations, estimates, forecasts or projections are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995. The
forward-looking statements contained in this report include, but are not limited
to, statements regarding purchases by the Company of its common stock pursuant
to the share repurchase program. These statements are not guarantees of future
performance and involve certain risks, uncertainties and contingencies that are
difficult to control or predict, including changes in price and volume and the
volatility of the Company's common stock; adverse developments affecting prices
or trading of securities, including securities listed on the New York Stock
Exchange; and unexpected or otherwise unplanned or alternative requirements with
respect to the capital investments of the Company. Therefore, actual outcomes
and results may differ materially from what is expressed or forecasted in or
suggested by such forward-looking statements. All forward-looking statements
speak only as of the date of this report. All subsequent written and oral
forward-looking statements attributable to the Company or any person acting on
behalf of the Company are qualified by the cautionary statements in this
section. The Company undertakes no obligation to update or publicly release any
revisions to any forward-looking statement to reflect events, circumstances or
changes in expectations after the date of such forward-looking statement, or to
make any other forward-looking statements, whether as a result of new
information, future events or otherwise.

© Edgar Online, source Glimpses

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Financials (USD)
Sales 2020 18,8 M - -
Net income 2020 -5,90 M - -
Net cash 2020 13,5 M - -
P/E ratio 2020 -6,63x
Yield 2020 -
Capitalization 57,7 M 57,7 M -
EV / Sales 2019 2,60x
EV / Sales 2020 1,37x
Nbr of Employees 16
Free-Float 41,1%
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Managers and Directors
NameTitle
Christopher V. Vitale President & Chief Executive Officer
Edward B. Cloues Non-Executive Chairman
Adrienne M. Uleau Controller, Vice President-Finance & Accounting
Albert V. Russo Independent Director
Robert Edward Robotti Independent Director
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