CORRECTING and REPLACING Bandera Partners Issues Statement Regarding Luby’s Promises
January 18 2019 - 1:58PM
Business Wire
Calls New Promises “Too Little Too Late”
For Real Change Vote Only on the GOLD Proxy
Please replace the release with the following corrected version
due to multiple revisions.
The corrected release reads:
BANDERA PARTNERS ISSUES STATEMENT REGARDING
LUBY’S PROMISES
Calls New Promises “Too Little Too Late”
For Real Change Vote Only on the GOLD Proxy
Bandera Partners LLC, a significant stockholder of Luby’s Inc.
(NYSE: LUB) issued the following response to Luby’s Board of
Directors’ new promises to investors. Portfolio manager Jeff Gramm
stated:
“Just over 10 years ago, when Luby’s was engaged in a tight
proxy contest with an activist investor, the incumbent board
instituted some long overdue governance changes to swing votes back
in their favor. Luby’s incumbent board narrowly won that contest,
and the stock has since fallen over 80% under its watch. Don’t let
them fool you twice with their latest round of promises.
Today, in response to a wave of support for Bandera's
irrefutable case that the Board has grossly underperformed since
that last proxy contest, Luby’s is proposing a new round of changes
and sweetened promises, including swapping in new directors,
hand-picked by the underperforming incumbent board, AFTER the
election, with an uncertain timeline. We do not believe Luby’s
stockholders are going to fall for these campaign tactics for a
second time. If stockholders want real and immediate change to
the Luby’s Board, they should vote only the GOLD proxy. If the
newly elected Board wishes to discuss additional board refreshment
this coming year, we will welcome that discussion. Today’s
announcement from Luby’s is simply too little too late.
The incumbent Board has consistently disregarded Luby’s outside
stockholders for the past decade. They are running an aggressive
and expensive campaign that ISS has already called “deceptive.” Why
should anyone trust them to select new directors that will hold
management accountable for its performance? Only a vote on the GOLD
proxy card will elect directors who owe nothing to the incumbent
Board that has overseen this extended period of catastrophic value
destruction.”
For assistance on how to vote your GOLD
proxy, please contact InvestorCom at (877) 972-0090 or by email
at info@investor-com.com.
Toll Free (877) 972-0090Banks and Brokers call
collect (203) 972-9300info@investor-com.com
About Bandera Partners
Bandera Partners is a value-oriented hedge fund based in New
York.
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version on businesswire.com: https://www.businesswire.com/news/home/20190118005407/en/
Jeff Gramm, (212) 232-4583info@banderapartners.com
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