CLEVELAND, June 25, 2019 /PRNewswire/ -- Ancora Advisors, LLC ("Ancora"), which beneficially owns approximately 8.76% of the outstanding shares of J. Alexander's Holdings, Inc. (NYSE: JAX) ("J. Alexander's" or the "Company"), making it one of the Company's largest shareholders, today announced that the final results of J. Alexander's 2019 annual meeting confirm that shareholders have clearly and convincingly endorsed Ancora's case for change.
According to the final voting results, which have been certified by the independent inspector of election, at J. Alexander's 2019 annual meeting, approximately (1) 53.2% and 60.2% of the outstanding shares of the Company withheld their votes from management's incumbent nominees, Timothy Janszen and Ronald Maggard, respectively, (2) 61.7% and 69.7% of the votes cast in the election of directors were withheld from Messrs. Janszen and Maggard, respectively, and (3) 77.7% and 87.8% of the votes cast in the election of directors (excluding shares held by insiders and affiliates of the Company) were withheld from Messrs. Janszen and Maggard, respectively.
Frederick DiSanto, Chairman and Chief Executive Officer of Ancora, commented:
"Through the decisive vote at the 2019 annual meeting, we believe shareholders have sent a clear directive to the board that the status quo is unacceptable and that the Company should immediately explore strategic alternatives. Recent transactions in the restaurant space, particularly the sale of Del Frisco's Restaurant Group which was announced earlier this week at an attractive deal multiple, only serve to reinforce our belief that the optimal outcome for J. Alexander's shareholders is a sale of the Company. J. Alexander's shares currently trade at a meaningful discount to private market value, and this leadership team lacks a cogent plan for closing that discount and driving value for shareholders.
Unlike at the annual meeting, at which not a single one of the independent directors was present in person, the J. Alexander's board now needs to show up for shareholders and take a hands-on approach to a strategic process that culminates in the sale of the Company to the highest bidder."
About Ancora Advisors
Ancora Holdings, Inc. is an employee owned, Cleveland, Ohio based holding company which wholly owns three separate and distinct SEC Registered Investment Advisers, Ancora Advisors, LLC, Ancora Family Wealth Advisors, LLC and Ancora Retirement Plan Advisors, Inc. and Inverness Securities LLC, a broker dealer. Ancora Advisors, LLC specializes in customized portfolio management for individual investors, high net worth investors, investment companies (mutual funds), pooled investments (hedge funds/investment limited partnerships), and institutions such as pension/profit sharing plans, corporations, charitable and "Not-for Profit" organizations, and unions. Ancora Family Wealth Advisors, LLC is a leading, regional investment and wealth advisor managing assets on behalf of families and high net-worth individuals. Ancora Retirement Plan Advisors, Inc. specializes in providing non-discretionary investment guidance for small and midsize employer sponsored retirement plans.
Ancora Advisors, LLC
View original content:http://www.prnewswire.com/news-releases/ancora-advisors-announces-final-voting-results-confirm-overwhelming-support-for-withhold-campaign-at-j-alexanders-300874801.html
SOURCE Ancora Advisors, LLC