Keweenaw Land Association, Limited ("KEWL") shareholder Ronald S. Gutstein Comments on Voting Result
Keweenaw Land Association, Limited ("KEWL") shareholder Ronald S. Gutstein Comments on Voting Results
NEW YORK--(BUSINESS WIRE)-- On Monday June 24, 2013 the management of Keweenaw Land Association, Limited released the Company's final election results for 2013.
Opposition candidate Ronald Gutstein expressed disappointment with the certification of votes in the election. "In my opinion the election results as certified by Corporate Election Services (CES), the election tabulation firm hired by the company, do not tell the whole story," he said. "CES contends that documents conveying the vast majority of votes cast on my behalf were not turned in at the annual meeting. As a result, these votes are not included in the reported results."
Gutstein has two sworn affidavits stating that these documents were, in fact, presented at the appropriate time. "Had all the votes accounted for in these affidavits been counted, I would have received 362, 249 or roughly 28% of the outstanding shares voting on my behalf," he said. In comparison, management received 689,671 votes or barely 53% of the shares outstanding voting FOR Mr. Earhart, and only 663,682 or 51.2% of the shares outstanding voting FOR Ms. Nesbitt. "I am pleased by the growing support that these numbers indicate," Gutstein said. "I hope that management will see this as a call to action and implement some of the changes we have been calling for."
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