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Dan Plettner  

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  • Adams Express: Major Shareholders Should Express Displeasure [View article]

    From the proxy:

    "Unless contrary instructions are given by the stockholder signing a proxy, it is intended that each proxy in the accompanying form will be voted at the Annual Meeting for the election of the following nominees to the Board of Directors for the ensuing year, all of whom have consented to serve if elected"

    How many signed proxies are likely to be signed with contrary instructions, Joe?

    Also, from the proxy:

    "The Board of Directors has implemented a process for stockholders of the Company to send communications to the Board. Any stockholder desiring to communicate with the Board, or with specific individual directors, may do so by writing to the Secretary of the Company, at The Adams Express Company, Seven St. Paul Street, Suite 1140, Baltimore, MD 21202. The Secretary has been instructed by the Board to promptly forward all such communications to the addressees indicated thereon."

    Do you think either of the following is likely, Joe?

    1) That the Board openly considers the shareholder wants with higher concern than management wants?


    2) That the Board openly discloses the breadth of shareholder communication?

    Respectfully Yours,
    Dan Plettner

    Disclosure: long a small position in ADX. I have not undertaken sufficient research to contribute an opinion on its governance.
    Feb 21, 2010. 11:08 AM | Likes Like |Link to Comment
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