-
Website will open in10seconds
RiceBran Urges Investors to Back Execs Amid Battle with Dissident Shareholder
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 ArticlesFood Ingredients News Greencore sells US operations to Hearthside in US$1bn plus deal
15 Oct 2018 --- Greencore Group plc has agreed to the sale of its entire US business, Greencore US, to an affiliate of Hearthside Food Solutions LLC for US$1,075 million on a cash and debt-free basis. Greencore says that following the deal, it expects to have a leading position in its core UK market, greater financial and strategic flexibility and potential for dynamic capital management. Hearthside believes the transaction marks a significant step in the further growth and development of its network. Food Ingredients News Chr. Hansen acquires dairy ingredient supplier Hundsbichler, raises organic growth targets
15 Oct 2018 --- Chr. Hansen is further expanding its enzyme production and presence into the traditional segments of specialty cheeses, with the newly announced acquisition of the assets of Austrian-based ingredient supplier Österreichische Laberzeugung Hundsbichler GmbH. Hundsbichler products are widely recognized for high quality and the purchase will enable Chr. Hansen to offer cheesemakers a second-to-none product portfolio in the animal rennet space, according to the company. Separately, the company announced that it had achieved all the overall financial targets set at the beginning of the year and raised its ambitions 9-11 percent organic growth for next year. Food Ingredients News Start-up focus: US-based Variety Fun targets healthy and convenient snacks market, direct to your door
15 Oct 2018 --- Two entrepreneurs have turned their US$165,000 investment into a millennial-favorite snack subscription box, that is now projecting US$12 million dollars in sales for 2018 and over 500,000 boxes sold on Amazon. According to the company, Variety Fun’s subscription service delivers an assortment of snacks to US offices, improving workplace culture and boosting employee morale. Variety Fun is a snack subscription box that curates “hundreds of the best-tasting, classic and nutritional brands,” including Popcorners, Hippeas, and Popchips, for offices in the US. By partnering with over 500 snack brands, the company offers businesses the most affordable and convenient subscription snack service with the most extensive selection. Food Ingredients News Nestlé co-founds the Global Coalition for Animal Welfare to advance standards
15 Oct 2018 --- Nestlé and six other food companies (Aramark, Compass Group, Elior Group, IKEA Food Services, Nestlé, Sodexo and Unilever), have joined forces through the Global Coalition for Animal Welfare (GCAW) to advance animal welfare standards throughout the global food supply chain. Food Ingredients News What’s in a name? Most consumers understand the difference between real milk and alternatives, says new survey
12 Oct 2018 --- A new survey exploring how consumers comprehend the difference between milk and non-dairy alternatives reveals that most people are actually not confused at all. The International Food Information Council (IFIC) Foundation shows a low level of consumer confusion over nomenclature and basic differences between the two. This comes at a time when the US Food and Drug Administration (FDA) is considering a proposal to provide greater clarity on the appropriate labeling of plant-based alternatives. |
