Aug 31, 2022

Cineworld incorrectly reported its largest shareholder

Cineworld incorrectly reported the identity of its largest shareholder in its most recent annual report, as the struggling cinema chain failed to keep track of changes to its complex ownership structure. In its 2021 annual report, Cineworld reported that 20.08 per cent of its shares are owned by Global City Holdings, a Dutch holding company ultimately owned by Greidinger family trusts. According to Global City Holdings's 2020 audited annual accounts, it no longer owns Global City Theatres, which in fact owns almost all of the Greidingers' stake in Cineworld. Cineworld said: "Global City Theatres was and remains the registered owner of approximately 275mn Cineworld shares. Global City Holdings was and remains the registered owner of 1mn Cineworld shares. The registered and total shareholding in Cineworld of the Greidinger family trusts remains 20.8 per cent and did not change in 2020 or 2021 - nor has it subsequently." Global City Holdings' accounts show that it began 2020 with £595mn of debt "Secured by Cineworld shares".

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