Well another Annual meeting of the shareholders has taken place at Advanced Photonix. If you, are a shareholder like me, you have to sit back and scratch your head, (or perhaps like me, you had a hard time containing your anger), in regard to the "strange" voting practices employed by the current Board of Directors as reflected in the 8K filing below.
When are these guys going to wake up? It seems pretty evident that 3 of the Board members soundly lost the vote, and in my opinion should NOT be allowed to continue as members of the Board. Mr. Pastor, Mr. Farese, and Mr. Soltwedel, please follow the clear majority wishes of the shareholders, and step down TODAY!
While the 8-K claims, "the directors were elected by the vote of a plurality of the votes cast", it's clear that these 3 had approximately 5 million votes to keep them, and over 10 million votes to remove them.. Huh? How can this possibly be a plurality of the votes in favor of keeping these 3 Board members?
Merriam-Webster Dictionary defines a plurality as:
a : a number greater than another
As always, if I have misunderstood anything I stand ready to
Item 5.07. Submission of Matters to a Vote of Security Holders.
Name For Withheld Abstain Broker Non-Votes
Richard D. Kurtz 9,289,300 6,771,989 N/A 15,995,687
Robin F. Risser 13,802,983 2,258,306 N/A 15,995,687
Lance Brewer 9,366,169 6,695,120 N/A 15,995,687
M. Scott Farese 5,208,541 10,852,748 N/A 15,995,687
Donald Pastor 5,488,423 10,572,866 N/A 15,995,687