Elliott breaks down Southwest ownership in new regulatory filing
NEW YORK -Elliott Investment Management on Monday said in a regulatory filing that it has a 7% beneficial ownership in Southwest Airlines (NYSE:The 7% beneficial ownership is made up of 23.3 million common shares and 18.6 million physical derivative agreements, or physically settled swaps, the filing shows.
In the filing on Monday, Elliott said again that it has identified executives who could become board candidates. And it said for the first time that it intends to allow shareholders a chance to vote on director candidates, whether at a special meeting or the annual meeting, laying the groundwork for a possible boardroom challenge.
At Southwest, an investor may call for a special meeting only if that investor owns 10% of the company's common shares. At the moment Elliott owns less than 10% in common stock, but the hedge fund has been accumulating common shares rapidly, according to the filing.
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