RE:Anyone going to the meeting?Well the outcome was as I expected - and yes I did write my letter to the top brass - here is part of it:
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My view (and opinion) on this whole fiasco is that its time for some new management! This soundly defeated proposal shows the overwhelming loss of confidence the secruityholders have especially given that all the directors fully supported this proposal. The market will only continue to beat Arcan up while the same management remains in place. And really, be honest, how can you "hand on heart" say this was a good deal for Arcan when most buyouts or takeovers involve a premium being paid not an instant 20% share price discount? Now thanks to this proposal the share price is 65% less than when the proposal was announced! If that isn't a clear indication of the market not liking Arcan's direction what else is needed? $.01?
Regarding Arcan's press release:
"We completed a very thorough process that provided extensive opportunity for securityholders to evaluate this proposal, and they chose not to support it" . Really!! Let me tell you why - that "very thorough process" wasn't in my interest or obviously the majority of the other stakeholders. Who did support it - oh yes the Arcan directors - why?
"We thank the employees of Arcan who have displayed relentless dedication through this process, and who will continue to work hard building value for shareholders" . As a Shareholder please don't thank ALL the hard working Arcan board and employees on my behalf as that would be disingenuous given that ALL their hard work achieved a miserable $0.225/share value.
And if I may, in regards to "We also thank our Board of Directors for its diligent efforts and wise counsel in developing and putting forth to securityholders the proposed transaction," please please stop patting them all on their backs - that proposal was anything but "wise" and a "diligent effort" should have been putting a stop to this proposal before any more time and money was wasted - the proof is in the pudding a 60 % share price drop so no undeserved accolades please.
Given that the current management who have run Arcan for the last 3 years have only run it into the ground please please please resign and give Arcan a chance to succeed.