NTN Buzztime activist sends demand letter to the company's Board of Directors to inspect NTN's books & records for a list of the company's shareholders
NEW YORK, May 1, 2018 /PRNewswire/ -- This is my third update regarding NTN Buzztime's (NYSE-Amex: NTN) upcoming 2018 shareholder meeting. Unfortunately, the Board continues to ignore its fiduciary duty to shareholders, even after 10 years of poor financial results, delayed product rollouts, and an 83% decline in its stock price. While I've extended numerous olive branches to help NTN over the years, the company's Board continues to protect the status quo and has ultimately chosen to waste NTN's resources on a proxy fight.
Reviewing last year's shareholder vote, it is clear the market is sending a strong message to the Board as existing members only received roughly 50% support, and that was when they went unchallenged:
NTN - 2017 Results of shareholder votes for BOD members | |||||
Name | Votes For | Votes For (%) | Witheld | Broker Non-Votes | Witheld/Non Vote |
Jeff Berg | 1,013,109 | 52% | 237,084 | 703,777 | 48% |
Ram Krishnan | 1,033,578 | 53% | 216,615 | 703,777 | 47% |
Steve Mitgang | 982,917 | 50% | 267,276 | 703,777 | 50% |
Paul Yanover | 1,035,478 | 53% | 214,715 | 703,777 | 47% |
Finally, as NTN works to comply with my demand letter, I would like to thank the numerous shareholders and other stakeholders who have reached out to me to discuss their concerns & interests regarding the success of NTN Buzztime.
Sean Gordon as a proposed Board member
a) Brings 20+ years of sales skills & business building
b) Driven by results, not excuses
c) Thinks outside the box & takes calculated risks
d) Passionate & focused on moving quickly
San Diego Tribune article - 4/24/18
http://www.sandiegouniontribune.com/business/technology/sd-fi-ntn-buffalowildwings-20180424-story.html
Follow up Board letter – 3/26/18
https://www.prnewswire.com/news-releases/ntn-buzztime-activist-nyse-amex-ntn-determined-to-bring-about-positive-change-sends-follow-up-letter-to-the-board-of-directors-300619356.html
Initial Board letter – 1/24/18:
https://www.sec.gov/Archives/edgar/data/748592/000147793218000647/ntn_ex991.htm
Sean Gordon
Email: srg4investing@gmail.com
View original content:SOURCE Sean Gordon
