3K Again Calls on Calloway’s to Immediately Call and Hold a Shareholders Meeting
May 17 2013 - 1:06PM
Business Wire
3K Limited Partnership, the family investment vehicle of
Peter H. Kamin and the largest shareholder of Calloway’s Nursery,
Inc. (OTC Pink: CLWY), holding approximately 18.9% of the
outstanding shares, again calls on CLWY to immediately call and
hold a shareholders meeting to vote on the election of
directors. 3K questions why CLWY would go to such
great lengths, including the filing of litigation, to avoid
allowing its shareholders to vote on the election of
directors.
3K believes that CLWY’s shareholders should be allowed to
exercise their fundamental right to vote on CLWY’s
directors. As a result of public disclosures by CLWY
of its own by-laws, 3K believes it has the right to call a special
meeting of shareholders. However, 3K has clearly
informed CLWY that even if 3K does not have that right, CLWY is
required by law to call and hold an annual meeting by no later than
September 8, 2013. Although CLWY’s litigation seems to
indicate that it is confused about its own by-laws, 3K again calls
on CLWY to call and hold a shareholders meeting as required by
law.
3K believes very strongly that CLWY should be led by a
majority of experienced outside directors to match the majority of
the company owned by outside shareholders. 3K believes
that CLWY, which has had public shareholders since 1991, has
consistently underperformed when viewed against any measure of
profitability. CLWY is today valued approximately 85%
lower than its IPO price from over 20 years ago. As a
shareholder for more than seven years, 3K believes that CLWY is
long overdue to change direction from the failed strategies that
have led to this poor performance.
Prior to hearing from 3K, CLWY was making plans for a
shareholders meeting to be held in early August 2013.
3K again calls on CLWY to call and hold a shareholders
meeting as required by law.
3K would like to thank the CLWY shareholders who have
contacted 3K and Alliance Advisors to date. If you own
shares of CLWY, we would like to hear from you. We
urge you to call us immediately so that we can provide you with
more information. Please contact Alliance Advisors,
3K’s proxy advisor, toll-free at 888-991-1296.
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