Upcoming AWS Coverage on Arctic Cat Post-Earnings Results
LONDON, UK / ACCESSWIRE / November 28, 2016 / Active Wall St. blog coverage looks at the headline from Thor industries Inc. (NYSE: THO) as the company announced on November 23rd, 2016, announced that it is planning to file an amendment to its Omnibus Stock Plan on November 28, 2016. Register with us now for your free membership and blog access at: http://www.activewallst.com/register/.
One of Thor industries' competitors within the Recreational Vehicles space, Arctic Cat Inc. (NASDAQ: ACAT), reported on November 09, 2016, fiscal 2017 second quarter results. AWS will be initiating a research report on Arctic Cat in the coming days.
Today, AWS is promoting its blog coverage on THO; touching on ACAT. Get all of our free blog coverage and more by clicking on the links below:
http://www.activewallst.com/registration-3/?symbol=THO
http://www.activewallst.com/registration-3/?symbol=ACAT
What is Omnibus Stock Plan?
An omnibus stock plan provides the issuing corporation with the flexibility to issue different types of equity grants, such as non-qualified stock options, incentive stock options, restricted stock, restricted stock units, stock appreciation rights, or performance shares. These options can be issued inside as well as outside the US. The allocation of these stock options denotes a contract that a company issues under the omnibus stock plan, which provides the recipient the right, but not the obligation, to buy a fixed number of shares within a set time frame. Omnibus' stock plans are designed to closely align all interests toward the success of the company, when the business performs well so do all the stockholders.
The Issue
Thor Industries stated that on November 22, 2016, that it received a copy of the Proxy Analysis & Benchmark Policy Voting Recommendations issued by the Institutional Shareholder Services, ("ISS"). In its recommendations, ISS stated that stockholders' vote in favour of all of the items included in the proxy card for the Annual Meeting, except for item relating to the New Equity Incentive Plan. ISS denoted that in its analysis a provision allowing transfer of non-statutory stock options could lead to a theoretical transfer to a third-party financial institution without prior shareholders' approval.
While addressing the basis for the ISS recommendation, Thor Industries' management noted that no holders of non-statutory stock options have ever transferred any of their options to a financial institution or requested the plan administrator to approve any such transfer. Furthermore, the company stated that as of October 31, 2016, no non-statutory stock options were outstanding, and the Company has no plans to grant additional options.
Thor Industries also stated that it has no interest or any intention to allow or permit any transfer of options to any "third-party financial institution". In recognition of the concerns of shareholders regarding this provision in the Plan, Thor Industries announced that on November 28, 2016, it will be filing an amendment to its Proxy Statement. The Amended Plan will delete the provision of concern identified by ISS and eliminate any potential of a transfer of awards to a third party financial institution without prior shareholders' approval.
In the official press release, Thor Industries' Board of Directors recommended that the shareholders vote "FOR" the approval of the Company's amended 2016 Plan.
Stock Performance
Thor industries' share price finished yesterday's trading session at $90.67, rising 1.22%. A total volume of 609.58 thousand shares exchanged hands. The stock has rallied 40.77% and 61.69% in the last six months and past twelve months, respectively. Furthermore, since the start of the year, shares of the company have surged 63.66%. The stock is trading at a PE ratio of 18.49 and has a dividend yield of 1.46%.
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