BIZ BUZZ: Trouble brewing at Premiere Horizon
Annual stockholders’ meetings are usually predictable affairs, with the board, management and shareholders quickly going through the items on the agenda until the meetings are adjourned.
But they can also be quite contentious, such as when warring parties are present to sway the majority of stockholders to approve—or disapprove—proposed management acts.
The stockholders’ meeting of Premiere Horizon Alliance Corp. scheduled for Friday promises to come with some drama, as former president and shareholder Augusto Antonio Serafica Jr. has expressed concern over management’s plan to, among others, install a new external auditor.
Serafica said in a March 26 letter to the Securities and Exchange Commission (SEC) that “the sudden removal of an independent auditor—especially under vague pretenses—raises serious governance concerns and could be part of a broader effort to diminish oversight.”
He thus requested the SEC to have a representative during the special stockholders’ meeting to make sure that the votes are counted the right way, especially since some proxies are held by brokers.
Serafica has other concerns that may be raised at the meeting, so let’s see how that will turn out.
