LIVERMORE, CA - McGrath RentCorp (NASDAQ:MGRC), a diversified business-to-business rental company, announced today that it is scheduled to hold its 2024 Annual Meeting of Shareholders on December 12, 2024. The record date for determining shareholders eligible to vote at the meeting has been set for the close of business on October 22, 2024.
The announcement, made through a Form 8-K filed with the U.S. Securities and Exchange Commission, highlighted that the 2024 Annual Meeting date is over 30 days after the anniversary of the previous year's meeting, which took place on June 7, 2023. This change in scheduling has led to revised deadlines for shareholder proposals.
Shareholders interested in submitting proposals or director nominations for the upcoming meeting must do so by the close of business on October 18, 2024. The company clarified that proposals must comply with California law, the company's by-laws, and SEC regulations, including Rule 14a-8. Submissions after this deadline will be considered untimely and not included in the proxy materials nor considered at the meeting.
In accordance with the universal proxy rules, any shareholder planning to solicit proxies for director nominees other than the company's nominees must provide the necessary information as required by Rule 14a-19 by the same October 18 deadline.
McGrath RentCorp, incorporated in California, is known for its equipment rental and leasing services across various industries. This announcement is based on the company's recent SEC filing and is part of the company's commitment to maintaining transparency with its shareholders and compliance with regulatory requirements.
In other recent news, McGrath RentCorp has seen a series of significant developments. The company's merger with WillScot (NASDAQ:WSC) Holdings was mutually terminated, leading to McGrath receiving a $180 million termination fee. Following this, Oppenheimer reinstated coverage on McGrath RentCorp shares, upgrading the stock to an Outperform rating. The analyst from Oppenheimer expressed a positive outlook on McGrath RentCorp's fundamentals, particularly highlighting the company's Mobile Modular segment.
In financial updates, McGrath reported mixed second-quarter results for 2024, with rental and sales revenues increasing by 3% and 14% respectively. However, decreases were observed in the Portable Storage and TRS-RenTelco divisions. The company also announced a quarterly cash dividend of $0.475 per common share, marking the 33rd consecutive year of dividend increases.
In response to the terminated merger, McGrath expanded its common stock repurchase program to 2 million shares. The company also announced the departure of Elizabeth A. Fetter, its first female independent director, after more than ten years of service.
InvestingPro Insights
McGrath RentCorp's upcoming annual meeting comes at a time when the company is demonstrating strong financial performance. According to InvestingPro data, MGRC has shown impressive revenue growth of 19.55% over the last twelve months as of Q2 2024, with revenues reaching $865.53 million. This growth is complemented by a robust gross profit margin of 48.33%, underscoring the company's operational efficiency.
InvestingPro Tips highlight MGRC's commitment to shareholder returns, noting that the company has raised its dividend for 27 consecutive years and maintained dividend payments for 35 consecutive years. This consistent dividend policy aligns with the company's current dividend yield of 1.75%, which may be of interest to income-focused investors attending the annual meeting.
The company's financial health is further evidenced by its liquid assets exceeding short-term obligations, as pointed out by another InvestingPro Tip. This strong liquidity position could be a topic of discussion at the upcoming shareholder meeting, as it reflects the company's ability to manage its financial commitments effectively.
For investors seeking more comprehensive insights, InvestingPro offers additional tips and analysis on McGrath RentCorp. Currently, there are 7 more InvestingPro Tips available for MGRC, providing a deeper understanding of the company's financial position and market performance.
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