Business
Tix Corporation Provides Letter to Stockholders
Tix Corporation Provides Letter to Stockholders.
About this update from Tix Corporation
[{"type":"text","content":"\n PROTECT YOUR INVESTMENT IN TIX AND MAKE YOUR VOTE COUNT VOTE THE WHITE PROXY CARD FOR THE TIX BOARD OF DIRECTORS TODAY STUDIO CITY, CA, Aug. 29, 2019 (GLOBE NEWSWIRE) -- Dear Stockholder: You may have recently received proxy solicitation materials from a dissident stockholder who is waging an ill-conceived and amateur activist campaign against Tix Corporation (“Tix”), namely, Haren Bhakta acting through his fund, HSB Capital Partners. You should be aware that HSB’s proxy materials are rife with misleading statements, material omissions and factual inaccuracies, some of which the Company will clarify and correct in this letter. You should also be aware that Tix previously notified HSB that its nomination of Haren Bhakta, Palak Bhakta, John Buckingham, Michael Fisk, John King and Jeremy Weiner is not in compliance with Tix’s bylaws. Tix provided HSB every opportunity to correct the nomination notice, which it has not done. HSB refused to comply with your Company’s rules and instead issued its own proxy statement, which is confusing and misleading to stockholders. As a result, proxies or votes with respect to the HSB nominees may not be counted at the upcoming annual meeting. Tix’s eight director-nominees are far better qualified to oversee the execution of the Company’s strategy and represent our stockholders. You may wonder why HSB is taking these actions. Mr. Bhakta’s obvious ambition is to become an activist shareholder. He simply identified Tix as an outstanding target to be his first conquest. Why? Because Tix is a small company that is profitable; has no debt; and has significant cash reserves. He doesn’t care about you, Tix, show producers, or Tix employees. Over the past two years, Tix has had to defend you against his potential damage to your share value at a significant cost. The attempt by this amateur activist to replace a majority of the Board of Directors of Tix and members of the management team who are critical to the success of Tix is not only misguided, it is baffling and negligent given the HSB nominees’ complete lack of relevant experience or strategy for promoting any value creation for Tix. This attempt is, however, consistent with Bhakta’s pattern of reckless behavior towards Tix over the past two-plus years. During this time, HSB and Bhakt...