RiceBran Urges Investors to Back Execs Amid Battle with Dissident Shareholder

636014975892610354049.jpg

14 Jun 2016 --- RiceBran Technologies has written to investors urging them to re-elect its directors, as it looks to kill off a boardroom squabble with dissident shareholder LF-RB Group.

Investor LF-RB Group, which owns around nine percent of the Arizona-based processor and distributor of rice bran, is looking to take control of RiceBran by putting forward five of its own candidates for election to replace existing RiceBran directors, including a new chief executive.
 
The Annual General Meeting (AGM) is expected to take place on June 22 in Arizona.
 
In the letter to shareholders, RiceBran chairman Robert C. Schweitzer and    W. John Short, chief executive  said: "You should be aware that, if successful in its bid to take control of your Company, LF-RB Group plans to replace your current CEO, who has more than 25 years of C-suite experience managing multi-national businesses in Asia, Europe and the U.S., with a 36-year-old individual who has NO experience managing a public company and NO C-suite experience."
 
"The composition of your Board is something we take very seriously, and we believe the incumbent directors’ experience, expertise and alignment with shareholders are critical for RiceBran’s continued transformation into a high margin growth vehicle within the natural, organic and functional foods market.”
 
“In examining their credentials, your Board unanimously agrees the majority of LF-RB Group’s director nominees are unqualified to serve on the RiceBran Board."
 
"Put simply, the dissident’s candidates do not meet RiceBran’s rigorous criteria of required industry, functional responsibility and business experience."
 
In the letter, Short and Schweitzer also highlighted its commitment to corporate governance, which LF-RB Group had questioned.
 
They added: "Best-in-class corporate governance is a top priority at RiceBran, and your Board is proud of its ongoing efforts to ensure its interests are closely aligned with shareholders.
 
“For LF-RB Group to suggest otherwise reflects either a wilful mischaracterization or a fundamental lack of institutional knowledge of your Company.”

“Regardless of the reason behind this inaccurate depiction, the truth remains that RiceBran’s Board is dedicated to enacting shareholder-friendly corporate governance practices.”

To contact our editorial team please email us at editorial@cnsmedia.com

Related Articles

Food Ingredients News

African palm oil expansion: Biodiversity and primates under threat, says new study

16 Aug 2018 --- A new study forecasts a rise in oil palm plantations across Africa as the global demand for the commodity continues to grow. But the continent must learn lessons from key growing regions in Southeast Asia to lessen the environmental impact of the industry and its potential effect on primates.

Food Ingredients News

Natural preservative breakthrough: Flavonoids produced from yeast hold vast potential, claim NTU researchers

16 Aug 2018 --- Nanyang Technological University, Singapore (NTU Singapore) scientists have discovered a plant-based food preservative that is said to be more effective than artificial preservatives. In tests carried out on meat and fruit juice samples, the organic preservative kept its samples fresh for two days without refrigeration, compared to commercial-grade artificial food preservatives.

Food Ingredients News

Upcycling sunflower seeds: Ingredient innovator, Planetarians targets the plant protein landscape

15 Aug 2018 --- Shifting consumer preferences for healthier choices are driving the demand for plant-based proteins, which are growing at a rapid rate. The plant-based food market is growing at double-digit rates and expected to reach US$5.2 billion worldwide by 2020, according to Nestlé and rising prices for plant-based proteins are forcing food manufacturers to identify opportunities and sustainable ingredients to address this consumer demand. That focus has created a robust marketplace for functional, and value-added components, including that of sunflower seeds, according to Planetarians, an ingredient company who claim to be “revolutionizing the plant-protein landscape through upcycling defatted seeds.”

Food Ingredients News

Natural preservatives expansion: Natural Products Canada invests in Chinova Bioworks

15 Aug 2018 --- Natural Products Canada has invested in Chinova Bioworks, a Canadian company whose mushroom-based natural preservative has previously captured the interest of major food industry partners such as DSM Ventures, Rhapsody and AgFunder.

Food Ingredients News

EU families waste over 17bn kilos of fresh fruit & vegetables each year, reveals study

14 Aug 2018 --- A recently published Joint Research Centre (JRC) article has revealed that EU households generate roughly 35.3kg of fresh fruit and vegetable waste per person per year, 14.2 kg of which, is avoidable. The UN's Food and Agriculture Organisation (FAO) estimates that about one-third of the food produced globally for human consumption is lost or wasted.

More Articles