Coachmen Industries, Inc. (COHM.PK) announced the results of the voting at its 2010 Annual Shareholder Meeting held on April 29, 2010. The three individuals nominated for election as Director by Coachmen each received less than half the votes received by each of the three individuals nominated by GAMCO Asset Management Inc. (“GAMCO”).
Coachmen Nominee results:
|Robert J. Deputy|
|Richard M. Lavers|
|Edwin W. Miller|
GAMCO Nominee results:
|Votes received for each and disalllowed:|
|Glenn J. Angiolillo|
Robert S. Prather, Jr.
Even the shareholders that did not vote for the GAMCO nominees expressed their displeasure with management’s nominees. More of these shareholders “withheld” their votes for the Coachmen nominees than voted for the nominees.
But in a clear rebuke to its shareholders, Coachmen refuses to recognize the votes cast for the GAMCO nominees, and instead, has announced that its nominees were each re-elected for a three-year term. In so doing, Coachmen has effectively hijacked the election in complete disregard of the voices and best interests of its shareholders, claiming the GAMCO nominations did not meet certain technical requirements of the Coachmen bylaws.
The Coachmen shareholders have spoken loud and clear. Coachmen should not be permitted to seat directors who do not have the support of the shareholders. Therefore, GAMCO urges Coachmen to review the results of the election and count all the shareholder votes cast.
GAMCO and its affiliates are the beneficial owners, on behalf of their investment advisory clients, of approximately: 2,868,019 shares of the common stock of Coachmen, representing 17.7% of the outstanding Coachmen common stock.
GAMCO Investors, Inc., through its subsidiaries, manages private advisory accounts (GAMCO Asset Management Inc.), mutual funds and closed-end funds (Gabelli Funds, LLC), and partnerships and offshore funds (Gabelli Securities, Inc.). As of March 31, 2010 GAMCO had $28.0 billion in assets under management.
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