ATCHISON, KANSAS, U.S. — Atchison County District Court has ordered MGP Ingredients, Inc. to recommence its previously adjourned May 23 annual meeting on or before Aug. 26, and to provide stockholder tabulation data for inspection immediately.
John R. Speirs, chairman of MGP, said the company looks forward to recommencing the meeting, but shareholders may now be deprived complete information regarding the validity of the voting trust controlled by members of the Cray Group before the meeting takes place.
“In addition, we find it troubling that the Cray Group has access to the identity and voting result of each vote cast prior to the adjournment of the Annual Meeting which we view as directly in conflict with their proposal seeking confidential voting,” Speirs said.
The meeting was was called to order on May 23, but was adjourned due to a lack of quorum caused by the revocation of proxies by certain preferred stockholders, including the MGP Ingredients, Inc. Voting Trust u/a/d Nov. 16, 2005, as amended (the “Voting Trust”). While there was a quorum of common stockholders at the meeting, a quorum of preferred stockholders was also required in order to continue.
Speirs continued, “As independent directors, we are committed to ensuring that all stockholders have the ability to participate in a fair process and express their views regarding the future of MGP. We will continue to communicate with stockholders regarding the importance of supporting MGP’s independent directors and management team in maintaining a strong and vibrant MGP. We urge stockholders to support MGP’s continued progress as a public company focused on the interests of all stockholders by voting the WHITE proxy card.”
The company will provide notice in the future as to the time and place of a recommencement of the Annual Meeting. Voting remains open by telephone, the Internet or mail prior to the Annual Meeting of stockholders. Stockholders who have already voted need not submit another vote unless they wish to change their votes.
The company's proxy statement and annual report on Form 10-K for the year ended Dec. 31, 2012, are available at the following website that can be accessed anonymously: www.proxyvote.com.
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