Bandera Partners Issues Statement on Luby’s Election Results
February 01 2019 - 1:00PM
Business Wire
Bandera Partners LLC, a significant stockholder of Luby’s Inc.
(NYSE: LUB) issued the following statement:
At the Luby’s Annual Meeting of Stockholders held on January 25,
2019, an agent of Bandera Partners submitted a Master Ballot to the
Inspector of Elections that contained an inadvertent error that was
not discovered by Bandera or its advisors. After the results of the
election were certified on January 30, 2019, Bandera Partners
became aware of the error that led to its proxies not being voted
in favor of five of Luby’s nominees, as intended and planned. To
the extent Luby’s lawyers were aware of the error, they chose not
to inform us of our mistake. Once Bandera became aware of the
error, we offered to work with Luby’s after certification to have
our proxies voted in favor of those management nominees for whom we
always intended to vote. Bandera Partners’ offer to try to fix this
mistake has not been accepted by the Company.
We are immensely grateful to our fellow Luby’s stockholders who
supported us with their proxies, and we want them to understand
what happened, and hear this clarification. Bandera apologizes to
Luby’s five nominees, and especially Joe McKinney, who should have
surpassed the 50% threshold for election with our support.
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/20190201005377/en/
Jeff Gramm, (212) 232-4583info@banderapartners.com
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