MGP Ingredients, Inc. Announces Delay in Annual Meeting
ATCHISON, Kan., June 18, 2013 (GLOBE NEWSWIRE) -- MGP Ingredients, Inc.
(Nasdaq:MGPI) (the "Company") announced today that it anticipates further
delay in reconvening its annual meeting of stockholders ("Annual Meeting").
The Annual Meeting was called to order on May 23, 2013, but was adjourned due
to a lack of quorum caused by the revocation of proxies by certain preferred
stockholders, including the MGP Ingredients, Inc. Voting Trust u/a/d November
16, 2005, as amended (the "Voting Trust").While there was a quorum of common
stockholders at the Annual Meeting, a quorum of preferred stockholders was
also required in order to continue the Annual Meeting.
Before the Company may successfully attempt to reconvene the Annual Meeting,
it will need to determine whether actions taken by the Voting Trust with
respect to the Annual Meeting held on May 23, 2013, and the ability of a
majority of the preferred stock to take action at any reconvened Annual
Meeting, are valid and properly authorized under the terms of the Voting Trust
and applicable law.The Voting Trust holds approximately 75% of the Company's
outstanding preferred stock, and so to achieve a quorum of preferred stock at
the Annual Meeting the shares of preferred stock held by the Voting Trust need
to be validly and properly represented at the Annual Meeting.
A dissident group has filed proxy materials seeking, among other things,
changes in the Company's board membership and its chief executive officer.The
Company intends to address the opinions expressed by the dissident
shareholders.The Company also looks forward to presenting the merits of its
strategy, including progress on various initiatives, so that stockholders will
have the opportunity to make fully informed decisions.
The Company will provide notice in the future as to the time and place of a
recommencement of the Annual Meeting.Voting remains open to stockholders of
record at the close of business on April 3, 2013, though voting through
certain electronic means may be inaccessible until such time as a new time and
place for the Annual Meeting has been established.Shareholders who have
already voted need not submit another vote unless they wish to change their
votes.See the information in the Company's proxy statement for further
information regarding voting procedures.
The Company's proxy statement and annual report on Form 10-K for the year
ended December 31, 2012, are available at the following website that can be
accessed anonymously: www.proxyvote.com.
About MGP Ingredients
MGP is a leading independent supplier of premium spirits, offering flavor
innovations and custom distillery blends to the beverage alcohol industry.The
Company also produces high quality food grade industrial alcohol and
formulates grain-based starches and proteins into nutritional, as well as
highly functional, innovations for the branded consumer packaged goods
industry.Distilled spirits are produced at facilities in the adjacent towns
of Lawrenceburg and Greendale, Indiana.The Company is headquartered in
Atchison, Kansas, where a variety of distilled alcohol products and food
ingredients are manufactured.For more information, visit mgpingredients.com.
CONTACT: Investors & Analysts:
George Zagoudis, Investor Relations
913-360-5441 or email@example.com
Shanae Randolph, Corporate Director of Communications
913-367-1480 or firstname.lastname@example.org
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