Why the sudden change in attempted transparency?
posted on
Dec 05, 2011 09:27AM
It seems odd to me that in recent days we learn that there will be a shareholder meeting in Carlsbad of all places. It will not be virtual nor will it be in Chicago to accommodate East and West Coast shareholders alike. Additionally, it would appear that investor relations (Cliff) has suddenly had a change of heart and is responding to e-mails and taking phone calls.
Likewise, the company posted frequently asked questions and answers of which the answers are a weak attempt, in my opinion, to placate shareholders who have demanded answers from our BoD. On March 9, April 18 and June 5, I sent e-mails to Cliff (@ investor relations) asking for a copy of the bylaw amendment for majority voting. I received no response until yesterday (Sunday) from Cliff. Below is my e-mail to Cliff which was sent on June 5 and his reply to me dated Sunday, December 4 10:26AM. Perhaps our letters to the SEC have been more effective than we know. Only time will tell.
Dear Cliff:
PTSC held its 2010 Annual Meeting on January 19, 2011. The final voting result for Proposal 3 is as follows:
Stockholder proposal requesting that our Board of Directors amend our charter documents to provide for the election of directors by majority vote.
Votes For |
|
Votes Against |
|
Abstain |
|
Broker Non-Votes |
98,207,137 |
|
23,659,076 |
|
2,926,719 |
|
184,305,732 |
Will you please confirm or deny by reply e-mail whether or not you plan to honor the proposal’s passage by implementing majority voting as part of the bylaws?
Sunday, December 4 10:26AM
I trust the press release and FAQ's posted by us last Friday on the Press Room section of our web-site answered your questions. If you have any further questions I shall be in the Carlsbad office tomorrow.
Sincerely,
Cliff Flowers