The Board of Directors’ Proposal #4, to dilute shareholders by over 6% in order to continue compensating Board members and the management team with free share options and restricted shares, was passed on May 22, 2019. The margin was very slim. If just 700k more shares (2.5%) had swung to our favor, we would have defeated the proposal.
As it stands, shareholders should realize that not only are LL shares trading at $10, having seen a massive loss of value over the last year, but shareholders can now look forward to also losing an automatic 6% more, through shareholder dilution, as management and the board continue to line their own pockets.
While we might have lost this effort, at LLVC, we are continuing to push aggressively for changes at the company. We have the help of many knowledgeable and experienced people and are working to implement our turnaround plan at Lumber Liquidators. There will be more votes in the future and they will be much more important and critical for the long term survival of this company.
Currently, we are proposing 2 new board candidates to be appointed directors of the company. We have already made the proposals to the company and will be making a public announcement shortly.
Please sign up to the NEWSLETTER so that we can keep you informed. The next time we vote on a proposal, we will win.