Farmer Bros. issues letter to stockholders
Farmer Bros. issued a letter to its stockholders in connection with the company's upcoming 2016 Annual Meeting of Stockholders to be held on December 8. The letter states among other things: "Last week, all three proxy advisory firms recommended that stockholders vote "FOR" Farmer Bros.' nominees." (...) "In its November 23, 2016 report, Institutional Shareholder Services concluded: (...) 'The lack of relevant experience of certain members of the dissident slate also raises serious concerns as to whether the dissident group's interests are truly aligned with those of unaffiliated shareholders. (...) Overall, in our view, the Dissident is seeking to replace three well qualified incumbent directors, including the CEO of the Company, with three significantly less qualified candidates'" (...) "Electing the Waite Group nominees puts your investment in Farmer Bros. at risk by effectively placing control of the Board in the Waite Group's hands, which would put the Company's leadership at risk and would derail the Company's proven turnaround plan".