Cineworld amends identity of largest shareholder after false report

(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

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