Interesting choice of industry sector by the co-founders of Snap Inc. So many bankrupt camera companies come to mind. Especially when they could have gone down the road of portraying itself as a social media company, or a networking company, or even a communication company. Is SNAP already waving the white flag? Or preparing for the end of the current social media stock boom?
Read MoreWhy Does Snap Invite Class A Shareholders to ITS AGM?
Assuming there are enough voting shareholders to meet an AGM quorum, why does the Snap Board of Directors invite the non-voting Class A shareholders? Seems like a token gesture and while the prospectus makes a big deal of the invitation it does not explain why the gesture is made.
A compelling case could be made that the best thing for non-voting SNAP shareholders would be to do away with the pretence of holding an AGM and distribute the AGM cost savings to Class A shareholders in the form of a dividend.