NEW YORK, Sept. 18 /CNW Telbec/ - Steinberg Asset Management, LLC ("Steinberg") announced today that its control over common shares of Lions Gate Entertainment Corp. ("Lions Gate") has been reduced to below 10% since it filed its last early warning report with the Canadian securities regulators on August 18, 2009.
On August 18, 2009, Steinberg filed an early warning report with the Canadian securities regulatory authorities confirming its control at that time over 12,295,603 common shares of Lions Gate, representing 10.51% of the common shares of Lions Gate reported as being issued and outstanding at such time. Due to dispositions of Lions Gates' common shares effected by Steinberg through the facilities of the New York Stock Exchange and/or through other venues as may be utilized from time to time by electronic trading systems or brokers, Steinberg has reduced its position in Lions Gate to 11,712,453 common shares, representing control over 9.99% of the 117,189,435 common shares referred to as being issued and outstanding as of August 1, 2009 (per Lions Gate's most recent quarterly report filed on Form 10-Q dated August 10, 2009).
Steinberg is an independent investment advisory firm. Steinberg purchases and sells common shares of Lions Gate on behalf of various separately managed accounts over which it exercises discretionary authority for passive investment purposes and not with a view to influence management or the direction of the company. On behalf of its managed accounts, Steinberg may, as investment conditions warrant, and as managed accounts either add or withdraw funds or securities from accounts under Steinberg's management, acquire further securities or dispose of its holdings of securities of Lions Gate in the ordinary course of its investment management activities.
Steinberg Asset Management, LLC is located at 12 East 49th Street, Suite 1201, New York, NY 10017.
SOURCE LIONS GATE ENTERTAINMENT CORP.
For further information: For further information: Mr. Steven Feld, (212) 980-0080