Dream Chasers Wins Carver Retail Shareholder Vote by a Landslide
Dream Chasers Capital Group announced that approximately 70% of retail shareholders supported their nominees for Carver Bancorp's (NASDAQ: CARV) Board of Directors at the December 12, 2024 Annual Meeting. The voting was controversially extended by 45 minutes beyond the deadline. Dream Chasers is demanding transparency regarding the vote counts and any last-minute communications with large shareholders. They're calling for the immediate appointment of Jeffrey Anderson and Jeffrey Bailey to the Board, citing the preliminary results showing their nominees received similar vote counts as sitting Directors. Additionally, the advisory say-on-pay matter failed according to preliminary results, indicating shareholder dissatisfaction with compensation management.
Dream Chasers Capital Group ha annunciato che circa il 70% degli azionisti retail ha sostenuto i loro candidati per il Consiglio di Amministrazione di Carver Bancorp (NASDAQ: CARV) durante l'Assemblea Annuale del 12 dicembre 2024. Il voto è stato controversamente esteso di 45 minuti oltre il termine previsto. Dream Chasers chiede trasparenza riguardo ai conteggi dei voti e a qualsiasi comunicazione dell'ultimo minuto con i grandi azionisti. Stanno sollecitando la nomina immediata di Jeffrey Anderson e Jeffrey Bailey nel Consiglio, citando i risultati preliminari che mostrano che i loro candidati hanno ricevuto conteggi di voto simili a quelli dei Direttori in carica. Inoltre, la questione consultiva sul compenso è fallita secondo i risultati preliminari, indicando insoddisfazione degli azionisti riguardo alla gestione dei compensi.
Dream Chasers Capital Group anunció que aproximadamente el 70% de los accionistas minoristas apoyaron a sus nominados para la Junta Directiva de Carver Bancorp (NASDAQ: CARV) durante la Asamblea Anual del 12 de diciembre de 2024. La votación se extendió de manera controvertida 45 minutos más allá de la fecha límite. Dream Chasers exige transparencia respecto al conteo de votos y cualquier comunicación de último minuto con los grandes accionistas. Están solicitando la inmediata designación de Jeffrey Anderson y Jeffrey Bailey en la Junta, citando resultados preliminares que muestran que sus nominados recibieron conteos de votos similares a los Directores actuales. Adicionalmente, la cuestión consultiva sobre la compensación fracasó según los resultados preliminares, lo que indica insatisfacción de los accionistas con la gestión de la compensación.
드림 체이서스 캐피탈 그룹은 2024년 12월 12일 열린 카버 뱅코프(NASDAQ: CARV) 연례 회의에서 약 70%의 소매 주주가 이들의 이사 후보를 지지했다고 발표했습니다. 투표는 마감 시간보다 45분 연장된 것으로 논란이 있었습니다. 드림 체이서스는 투표 수와 대주주와의 마지막 순간 통신에 대한 투명성을 요구하고 있습니다. 그들은 제프리 앤더슨과 제프리 베일리를 이사회에 즉시 임명할 것을 촉구하고 있으며, 이들의 후보가 현직 이사들과 비슷한 투표 수를 받았다는 예비 결과를 인용하고 있습니다. 또한, 보상 관련 자문 건이 예비 결과에 따라 실패하여 주주들이 보상 관리에 불만족함을 나타내고 있습니다.
Dream Chasers Capital Group a annoncé qu'environ 70 % des actionnaires de détail avaient soutenu leurs candidats pour le conseil d'administration de Carver Bancorp (NASDAQ: CARV) lors de l'assemblée générale du 12 décembre 2024. Le vote a été prolongé de manière controversée de 45 minutes au-delà de la date limite. Dream Chasers exige de la transparence concernant les décomptes des votes et toute communication de dernière minute avec les gros actionnaires. Ils demandent la nomination immédiate de Jeffrey Anderson et Jeffrey Bailey au conseil, citant les résultats préliminaires montrant que leurs candidats ont reçu des décomptes de votes similaires à ceux des administrateurs en fonction. De plus, la question consultative sur les rémunérations a échoué selon les résultats préliminaires, indiquant une insatisfaction des actionnaires à l'égard de la gestion des rémunérations.
Dream Chasers Capital Group gab bekannt, dass etwa 70 % der Privatanleger ihre Nominierungen für den Vorstand von Carver Bancorp (NASDAQ: CARV) bei der Hauptversammlung am 12. Dezember 2024 unterstützt haben. Die Abstimmung wurde umstritten um 45 Minuten über die Frist hinaus verlängert. Dream Chasers fordert Transparenz bezüglich der Stimmzählungen und aller kurzfristigen Mitteilungen mit Großaktionären. Sie fordern die sofortige Ernennung von Jeffrey Anderson und Jeffrey Bailey in den Vorstand und verweisen auf die vorläufigen Ergebnisse, die zeigen, dass ihre Nominierungen ähnliche Stimmen wie die amtierenden Direktoren erhalten haben. Außerdem ist die beratende Abstimmung zur Vergütung nach vorläufigen Ergebnissen gescheitert, was auf Unzufriedenheit der Aktionäre mit der Vergütungsverwaltung hinweist.
- 70% of retail shareholders supported Dream Chasers' board nominees
- Shareholders rejected the say-on-pay proposal, showing active engagement in corporate governance
- Controversial 45-minute extension of voting period raises governance concerns
- Potential manipulation of voting process through undisclosed communications with large shareholders
- Failed say-on-pay vote indicates dissatisfaction with executive compensation
Insights
The shareholder vote results and subsequent controversy at Carver Bancorp represent significant corporate governance developments. The
For a micro-cap bank with just
The allegations regarding extended voting periods and undisclosed shareholder communications raise significant securities law concerns. The demand for disclosure of 15-minute interval voting data and details of any last-minute shareholder communications highlights potential violations of SEC proxy solicitation rules and fair disclosure requirements.
Dream Chasers' formal letter creates a paper trail for possible future legal action. The failure to disclose allegedly material communications with large shareholders could trigger SEC scrutiny. This situation may lead to increased compliance costs and regulatory oversight, particularly concerning board election procedures and shareholder communications.
Preliminary results indicate approximately
Calls on Donald Felix and Carver Board of Directors to do right by shareholders
Demands answers to why Board of Directors vote was extended by 45 minutes
Demands disclosure of any high-pressure sales calls to certain large shareholders, including any offers, promises or assurances made to shareholders to sway vote at last minute
Calls on Board to hear shareholders, appoint Jeffrey "Jeff" Anderson and Jeffrey Bailey to the Board
At the Meeting, voting was inexplicably held open for 45 additional minutes, purportedly to give shareholders additional time to vote, despite the deadline for voting being set nearly six weeks ago in Carver's definitive proxy filed with the SEC on October 31, 2024.
"We believe that the strong response from retail shareholders demands action from the Board," said Greg Lewis, Chief Executive Officer of Dream Chasers. "Conducting a Board vote under a cloud of uncertainty is no way for Mr. Felix to begin his tenure. At the Meeting, Mr. Felix pledged to engage with shareholders. Now is the time to prove it. If the preliminary results that Carver disclosed are accurate, then our nominees received essentially the same amount of votes as the sitting Directors. Carver should do the right thing by appointing our excellent, qualified, and shareholder-supported nominees to the Board, effective immediately, to prove that the Company will listen to the voice of the shareholder going forward."
Dream Chasers raised its concerns in a letter to Mr. Felix and the Board, which is copied below:
Dear Mr. Felix, and the Board of Directors:
Your conduct at the Annual Meeting of Shareholders (the "Meeting") of Carver Bancorp, Inc. ("Carver" or the "Company") yesterday is highly concerning. Holding the voting open for 45 extra minutes to give shareholders "additional time" to vote should make shareholders wonder if you were seeking to tip the scales in your favor.
Mr. Felix, conducting a Board of Directors vote under a cloud of uncertainty is no way to begin your tenure. It is especially important for you to assure shareholders that their voices will be heard given that preliminary results indicate that approximately
On behalf of concerned shareholders, I write to make several demands:
- To ensure that shareholders can trust your process, we demand that you publicly disclose the real-time voting totals for each candidate in 15-minute increments, starting at 9:00 am Eastern time on December 12, 2024, the day of the Meeting. Shareholders must know what the vote count was heading into the Meeting, and what happened after you extended the vote beginning at approximately 11:15 am Eastern time.
- We demand that you provide a full accounting of any high-pressure sales calls you made to large shareholders in the final days of the campaign, including any offers, promises or assurances provided to shareholders to sway their vote. We note that no such conversations or materials were filed with the SEC. Shareholders should know what you did, or attempted to do, to get the result you wanted.
- Given your behavior, and the extremely close preliminary results that you disclosed after the meeting, you should recognize that you and your nominees have no mandate. If those results are accurate, then our nominees received essentially the same number of votes as the sitting Directors. You should listen to your shareholders and appoint Jeffrey "Jeff" Anderson and Jeffrey Bailey to the Board as a way of acknowledging shareholders' intent and making it clear that you will not circumvent an established process for Board elections.
- On the call, you said that there were no "relevant questions" that came in from shareholders. That suggests you received questions but decided not to answer them. What were the questions, and why did you not respond to them?
- Finally, we note that the advisory "say-on-pay" matter failed, based on the preliminary results you disclosed, reflecting shareholders' dissatisfaction with the Board's management of compensation. We believe appointing Mr. Anderson and Mr. Bailey is an important gesture to ensure that decisions on compensation going forward more clearly reflect shareholders' perspectives.
At yesterday's meeting, Mr. Felix repeatedly pledged to engage with and listen to shareholders. Holding open the vote makes it appear that you have no intention to follow through on that claim. We suggest that you take this opportunity to prove your intentions, and not fall into Carver's long-standing practice of leaving shareholders behind.
Sincerely,
Greg Lewis
Dream Chasers Capital Group LLC
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
The information herein contains "forward-looking statements." Specific forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and include, without limitation, words such as "may," "will," "expects," "believes," "anticipates," "plans," "estimates," "projects," "potential," "targets," "forecasts," "seeks," "could," "should" or the negative of such terms or other variations on such terms or comparable terminology. Similarly, statements that describe our objectives, plans or goals are forward-looking. Forward-looking statements are subject to various risks and uncertainties and assumptions. There can be no assurance that any idea or assumption herein is, or will be proven, correct. If one or more of the risks or uncertainties materialize, or if any of the underlying assumptions of Dream Chasers Capital Group LLC ("Dream Chasers") or any of the other participants in the proxy solicitation prove to be incorrect, the actual results may vary materially from outcomes indicated by these statements. Accordingly, forward-looking statements should not be regarded as a representation by Dream Chasers that the future plans, estimates or expectations contemplated will ever be achieved.
Certain statements and information included herein may have been sourced from third parties. Dream Chasers does not make any representations regarding the accuracy, completeness or timeliness of such third party statements or information. Except as may be expressly set forth herein, permission to cite such statements or information has neither been sought nor obtained from such third parties. Any such statements or information should not be viewed as an indication of support from such third parties for the views expressed herein.
Dream Chasers disclaims any obligation to update the information herein or to disclose the results of any revisions that may be made to any projected results or forward-looking statements herein to reflect events or circumstances after the date of such information, projected results or statements or to reflect the occurrence of anticipated or unanticipated events.
IMPORTANT INFORMATION AND WHERE TO FIND IT
DREAM CHASERS STRONGLY ADVISES ALL STOCKHOLDERS OF THE COMPANY TO READ ITS DEFINITIVE PROXY STATEMENT, ANY AMENDMENTS OR SUPPLEMENTS TO SUCH PROXY STATEMENT AND OTHER PROXY MATERIALS FILED BY DREAM CHASERS WITH THE SEC AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC'S WEBSITE AT WWW.SEC.GOV. THE DEFINITIVE PROXY STATEMENT AND OTHER RELEVANT DOCUMENTS ARE ALSO AVAILABLE ON THE SEC WEBSITE, FREE OF CHARGE, OR BY DIRECTING A REQUEST TO THE PARTICIPANTS' PROXY SOLICITOR, OKAPI PARTNERS LLC, 1212 AVENUE OF THE
Contacts
For Media:
Breitenbush Partners
Andrew Wilson, (773) 425-4991
awilson@breitenbushpartners.com
For Investors:
Okapi Partners
Bruce Goldfarb/Tony Vecchio
(877) 629-6356
(212) 297-0720
info@okapipartners.com
About Dream Chasers Capital Group
Dream Chasers Capital Group LLC is a
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SOURCE Dream Chasers Capital Group
FAQ
What percentage of Carver (CARV) retail shareholders supported Dream Chasers' nominees?
Why was the CARV shareholder vote extended by 45 minutes on December 12, 2024?
What was the outcome of Carver's (CARV) say-on-pay vote in December 2024?
Who are the board nominees proposed by Dream Chasers for CARV?
