J. Alexander's — Proxy Contest (June 2019)
13 slides from J. Alexander's's proxy contest presentation, Jun 4, 2019
Slide 1: Presentation to Investors June 4, 2019
Presentation to Investors June 4, 2019
Slide 2: About J. Alexander's Holdings, Inc.
About J. Alexander’s Holdings, Inc. J. Alexander’s Holdings, Inc. (“we,” “us,” “the Company,” or “J. Alexander’s”) is a collection of restaurants that focus on providing high quality food, outstanding professional service and an attractive ambiance. Our Company presently operates 46 restaurants in 1
Slide 3: Overview
Overview We are making significant progress on our strategic and operational plan to deliver significant value to our shareholders. Our operations, financial results and outlook continue to be positive, which is not fully reflected in the current stock price. Our Company has a highly qualified and e
Slide 4: We are focused on our strategic and operational plan
We are focused on our strategic and operational plan We believe that there are significant opportunities to grow our restaurant concepts on a nationwide basis in both existing and new markets where we believe we can generate attractive unit economics. We recently announced the opening of two new loc
Slide 5: We have delivered consistent same store sales growth
We have delivered consistent same store sales growth We strive to deliver consistent same store sales across different markets, and we believe that we will continue to be able to generate annual same store sales growth on a consistent basis by providing an attractive price/value proposition for our
Slide 6: Ancora's attacks on our performance and operating results are misleading
Ancora’s attacks on our performance and operating results are misleading We have been unable to independently verify the performance and operating results figures that Ancora presents in its soliciting materials. For example: We are unable to verify Ancora’s TSR calculations, which are inconsistent
Slide 7: Our Board is highly qualified and engaged
Our Board is highly qualified and engaged We have a strong, engaged Board with active participation of our independent directors. Our two director nominees for this year, Mr. Janszen and Mr. Maggard, are both independent directors. Together, Mr. Janszen and Mr. Maggard bring to our Board over 60 yea
Slide 8: Ancora's attacks on our Board's independence are misguided
Ancora’s attacks on our Board’s independence are misguided We believe Ancora’s persistent focus on our Board’s independence with respect to the terminated transaction with 99 Restaurants in 2017/2018 to be inappropriate. As we have previously disclosed, our Board recognized the inherent risk of pote
Slide 9: Ancora's purported proposal
Ancora’s purported proposal Our Board and senior management regularly evaluate potential transactions relating to our Company’s business, including prospects for alternative financing structures, potential additional restaurant concepts and other uses of capital, all with a view toward maximizing sh
Slide 10: Ancora's purported proposal is not value-maximizing
Ancora’s purported proposal is not value-maximizing Ancora’s proposed purchase price is more than 12% lower than the 52-week trading high for J. Alexander’s stock, and nearly 22% lower than the prevailing equity analyst price target for J. Alexander’s. Allowing Ancora to buy our Company at a bargain
Slide 11: We doubt whether Ancora's purported proposal is bona fide
We doubt whether Ancora’s purported proposal is bona fide We strongly doubt whether Ancora’s proposal is a bona fide offer. Ancora’s proposal lacks specific or verifiable details regarding Ancora’s planned financing of the proposed transaction. At no time, including during subsequent engagements wit
Slide 12: We doubt whether Ancora's purported proposal is bona fide, cont.
We doubt whether Ancora’s purported proposal is bona fide, cont. We view Ancora’s spurious proposal and open attack as a publicity attempt intended to bolster Ancora’s future fundraising and line their pockets with fees—actions we view as hardly defensible, especially in light of the SEC’s recent ce
Slide 13: The Amendments to our Equity Plan are necessary to attract and retain key personnel
The Amendments to our Equity Plan are necessary to allow us to attract and retain key officers, employees and directors We view the request in shares authorized for issuance under our Equity Plan as representing a modest increase necessary to attain our objectives of attraction and retention of key