Cineworld amends identity of largest shareholder after false report

(Alliance News) - Cineworld Group PLC on Wednesday said the Greidinger family confirmed owning ...

Alliance News 31 August, 2022 | 12:28PM
Email Form Facebook Twitter LinkedIn RSS

(Alliance News) - Cineworld Group PLC on Wednesday said the Greidinger family confirmed owning 20% of total issued share capital, after falsely claiming the identity of its largest shareholder in the most recent annual report.

Shares were up 23% at 2.90 pence each on Wednesday.

Cineworld said the Greidinger family owns 276 million shares in the company. Of these, one million shares are owned by Global City Holdings BV and 275 million shares are owned by Global City Theatres BV, both of which are owned by trusts for the benefit of the children of Moshe Greidinger and Israel Greidinger.

However in its 2021 annual report, Cineworld stated that its largest shareholder is Dutch holding firm Global City Holdings, who only owns about 0.1% of the cinema operator's stock.

Earlier this month, Cineworld confirmed it was considering its options, including potentially filing for US Chapter 11 bankruptcy, as it grapples with liquidity woes.

Cineworld said it was in talks with a number of stakeholders for ways to secure extra cash. It said a "comprehensive deleveraging transaction", though it cautioned this would dilute shareholder value.

Admission levels have been below expectations, due to what it called a weaker film slate, despite a slow recovery in demand since re-opening from Covid restrictions in April 2021, the company said.

Cineworld operates over 700 sites across the globe, including over 100 in the UK and Ireland.

By Xindi Wei; xindiwei@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

Email Form Facebook Twitter LinkedIn RSS

Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Cineworld Group PLC

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

© Copyright 2025 Morningstar, Inc. All rights reserved.

Terms of Use        Privacy Policy        Modern Slavery Statement        Cookie Settings        Disclosures