Board to vote on Election Manual February 23 at 6:00 p.m. in-person meeting.

The Board will discuss and vote on an Election Manual and Proxy form at its Thursday, February 23, meeting. The Board discussed an earlier draft, as reported here.  The only revision is to allow Shareholders to use their own proxy forms meeting certain requirements.  The provisions evoking concerns that new restrictions would make it impossible to obtain a quorum were not amended.

One shareholder comment proposes three amendments:

  • Insert language that would declare the Election Manual a failure and automatically rescind it if there is no quorum at the first Annual Meeting after its adoption.
  • Strike language that says if there is no quorum, there cannot be another Annual Meeting attempt until the following year, and allow Shareholders in the failed meeting to adjourn to a later date (probably a few weeks in the future) and extend the time for collecting proxies.  This amendment would also allow a quorum-less meeting to continue as a “town hall” meeting in which reports could be made, and Shareholders could voice opinions and ask questions but not make motions or vote (except to adjourn).
  • Count mailed proxies only if they reach the Inspector at least 24 hours before the Annual Meeting.  The current draft says they must be received two weeks before the Annual meeting. The timetable in the Election Manual and Proxy form allows Shareholders to put themselves on Management’s proxy form until four weeks before the meeting.  Mailings from Crestview to Shareholders tend not to arrive until about a week after delivery to the mailing service.  So, in order to reach the Inspector two weeks before the meeting, proxies would have to be mailed the day the Shareholders receive them–or maybe a day or two later.

Crestview will try to have all Board meetings in person and, for the convenience of Shareholders, the public portion of the meeting will not start until at 6:00 p.m.  The first in-person meeting will be at the Hampton Inn, 50 West Daily Drive.  Legal counsel may attend via Zoom to avoid charging for travel time. Shareholders with special circumstances may be able to Zoom in if approved by President Mezzatesta.

The revised draft Election Manual and Proxy form and the rest of the Board packet are available here.

Please forward this newsletter to other Crestview shareholders so they can sign up to receive future posts directly. Click on the Home tab and read earlier posts, or use the Tags word cloud or Search box to focus on a topic.  Shareholders may comment below.

Leave a Reply

Your email address will not be published. Required fields are marked *