Meeting (Mostly) Complete

My notes:

Meeting open by David Barry at 10:46

Co-Chairs and management on dais.

Board sitting in front row of gallery. All present except Kurtz.

As released this morning, #4 will not be taken up at this meeting.

Dobbs says polls open as of 10:53. Will close shortly.

10:55 – Gliksberg reads proposal 6 on behalf of Lawrence Goldstein. He is wearing an Uncle Sam t-shirt.

10:58 – Brandon Bell reads prop 7 on behalf of Ken Steiner.

10:59 – Gliksberg reads prop 8. Dissolution of stockholders agreement.

11:04 – Brandon Bell reads prop 9.

11:04 – Gliksberg reads prop 10 on behalf of Barry Goldstein.

Polls closed as of 11:04 with exception of proposal 4 per Dobbs

Meeting adjourned. Annual meeting will be reconvened for proposal 4.

Results will be published in an 8k.

Q&A went rapid fire from here. Investor base present was highly engaged.

Meeting was well run and all who wanted to be heard were accommodated.

I’m going to refrain from sharing Q&A detail in these notes as I don’t want to misrepresent anything said.

My sincere hope is that the board (especially the independent directors) took notice of the sentiment and passion of the investors and will work harder in the future to represent the active investor base going forward.

6 thoughts on “Meeting (Mostly) Complete

  1. Thank you for the notes. Very disappointed I could not rework my schedule to attend.
    How long was the meeting?
    Was it as lively as the 2019 meeting?

    Thanks,

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  2. Did you notice that the empty chair for Kurtz physically separated Oliver and Stahl from the other directors? Very symbolic of the apparent voting and philosophical differences on the board.

    Robert

    Robert M. Holt, Jr., CFA

    HOLT CAPITAL PARTNERS, L.P.
    301 Commerce Street, Suite 1430
    Fort Worth, Texas 76102

    Investment Management
    Outsourced CIO

    rholt@holtcap.com | http://www.holtcap.com | 817.877.1430 (Main) | 817.877.1431 (Fax)

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  3. Independent directors should note investors sentiment toward direction management seems to be careening business toward.

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  4. Wish I could have been there, but doesn’t sound like there was anything eventful that actually happened. For anyone who was there, can you paint a picture for us:
    – What was the overall tone of the meeting/feeling in the room?
    – Were there any voting totals revealed?
    – About how many investors were present and were there any well-known investors among the audience?
    – Who from management and the board responded to the questions?
    – Did Stahl and Oliver have anything to say?
    – Were there any questions about Prop 4 or was that topic completely off limits?
    – Were shareholders invited to stick around after the meeting adjourned to socialize, or was the message to get the f*&# out?

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