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Calloway's Nursery Disputes Misleading Proxy Solicitation
Calloway’s Nursery, Inc. (PK: CLWY) responded to a statement issued by 3K Limited Partnership and filed suit in Tarrant County District Court against 3K.
By: Calloway's Nursery
Calloway’s noted that although 3K’s announcement stated that 3K had called a shareholders’
Calloway’s further stated that while 3K’s release suggested that Calloway’s governance structure was “out of date” due to a lack of audit and compensation committees, Calloway’s does in fact have both an audit committee and a compensation committee.
The Company also responded that while the press release from Kamin’s family partnership suggested Calloway’s needed “experienced outside Directors”, two of Calloway’s five Directors are Daniel Feehan and Dr. Stanley Block. Feehan is Chairman and CEO of Cash America International, a New York Stock Exchange company with a market cap of approximately $1.3 billion and sales of nearly $1.8 billion annually. Feehan also serves as a director and non-executive Chairman of RadioShack Corporation, another company traded on the New York Stock Exchange, and a director of AZZ, Inc., another New York Stock Exchange Company. Feehan also chairs the audit committee of the AZZ board. Dr. Block is Emeritus Professor of Finance at Texas Christian University where he served on the faculty for 45 years and served as Chairman of the Finance Department. Dr. Block has served on Calloway’s Board since it went public in 1991.
The Company’s litigation against Kamin and 3K Limited Partnership seeks declaratory relief that, among other things, Kamin and 3K have no right to force the Company to incur the expense of a special stockholders’
Founded in 1986, Calloway's Nursery, Inc. is an 18-store garden center chain serving the Dallas - Fort Worth (as Calloway's Nursery) and Houston (as Cornelius Nursery) markets. The company strives to make gardening fun, easy and successful for customers by offering expert advice from Texas Certified Nursery Professionals;