The
Shareholder Forum was asked on November 29, 2012 to define issues for
shareholder decisions about proposals presented by the company's
management in a November 19, 2012 proxy statement for voting at a special
meeting scheduled to be held on December 5, 2012.
As reported to shareholders on December 3, 2012, a request
for copies of bylaws, financial statements and other relevant information
was presented to the company by the Forum acting as a "Shareholder
Delegate" on November 30, and in the absence of a response by December 3
the Forum encouraged the chairman of the company's board to consider
postponing or adjourning the special meeting since the company’s failure
to provide relevant information would raise questions about the validity
of any action taken.
On the morning of the scheduled special meeting, December
5, the company's attorneys informed the Forum that they would comply with
the information demands, and later that day shareholders reported that the
company's executive management had initiated direct communications with
them to address their concerns. After confirming that shareholders did not
require further support of their interests, the Forum advised the company
that there was no longer any need to incur the costs of responding to the
Shareholder Delegate's formal request for records. |