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Timing Of Farmer Bros. Meeting “Bizarre”
Torrence, CA, United States – Coffee roaster
and seller Farmer Bros. Co. (FARM) scheduled its annual meeting of
shareholders for December 26, the day after Christmas, a move Nell Minow,
editor of The Corporate
Library called “bizarre.” The company is currently involved in a
battle between Farmer Chairman, CEO and founding family member Roy Farmer
and his board, and a group of dissidents who want to force the company to
elect independent directors and force the company to be more open about
its financials. The dissidents, led by Franklin Mutual Advisors, believe
the meeting was scheduled the day after Christmas as a means to ensure
that fewer shareholders actually attend to support their resolutions. “I
don’t think there is another company in America that would schedule a
shareholders meeting on that day,” said dissident Steven Crowe, who
happens to be Roy Farmer’s nephew, “They need to explain the timing of the
meeting. I think it is very disrespectful.” Farmer Bros. has offered no
explanation for the meeting’s timing, and has rejected requests from
shareholders to reschedule.
Los Angeles Times,
December 9, 2002
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News summaries
based on original reports in other publications are prepared by The
Corporate Library LLC staff and are not created, sponsored, approved or
endorsed by the publications to which the original reports are attributed.
Chris
Grimmett, General Editor
Michelle Gayton, Web Producer
COPYRIGHT 1999-2001
THE CORPORATE LIBRARY LLC
- ALL RIGHTS RESERVED
Ric Marshall, CEO · Nell Minow & Robert AG Monks, Founders
