Summer Road Calls on the Board of Ingles Markets to Stop Wasting Shareholder Resources on Fabricated Issues to Mislead Shareholders
Rory A. Held Has No Conflict of Interest with Ingles Shareholders and Would Owe a Fiduciary Duty to ALL Ingles Shareholders if Elected to the Board
Mr. Held Is More Aligned With Shareholders Than Rebekah Lowe and Dwight Jacobs, Neither of Whom Owns a Single Ingles Share
Summer Road LLC ("Summer Road" or "we") today issued the following statement in response to Ingles Markets, Incorporated's (NASDAQ:IMKTA) ("Ingles" or the "Company") repeated dishonest and misleading public statements.
"The Company's daily, disjointed attacks on Summer Road should make shareholders question the judgment of the incumbent Board and its vehement opposition to the election of a truly independent Class A shareholder voice. To suggest that Rory A. Held, due to being a trustee of Summer Road's family office client, would be prohibited from acting in the best interest of Ingles shareholders demonstrates the Board's complete lack of understanding of public company governance. Mr. Held has been entrusted as a fiduciary for multiple families (not just clients of Summer Road) because of his financial acumen, sound judgment and personal integrity. The fact that multiple families place their long-term financial security in Mr. Held's hands is a powerful testament to the credibility and independent thinking he would bring to the Ingles boardroom.
To be clear, if elected to the Board, Mr. Held – who personally owns more Ingles stock than all the ‘independent' Board members combined, directly aligning his interests with shareholders – would owe a fiduciary duty to all Ingles shareholders that legally supersedes any other obligation. Using the Company's faulty logic and misunderstanding of corporate governance, Chairman Robert P. Ingle, II should be disqualified from serving as a director given that he is a trustee for Ingle family trusts.
The Board's smear and distraction campaign does nothing to address the facts of Ingles' lagging shareholder returns, deficient disclosure, lack of boardroom accountability, operational underperformance and disastrous capital allocation. We encourage shareholders to elect Mr. Held to ensure that Class A shareholders finally have true independent representation on Ingles' Board."
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If you have questions about how to elect Summer Road's independent nominee, Rory A. Held, to the Ingles Board using the GOLD universal proxy card, please contact:
Saratoga Proxy Consulting LLC
520 8th Avenue, 14th Floor New York, NY 10018
Shareholders Call Toll-Free: (888) 368-0379
[email protected]
Visit www.saratogaproxy.com/Ingles to review Summer Road's materials.
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About Summer Road LLC
Summer Road LLC is a family office which invests across a diverse range of strategies and asset classes.
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