The Pantry, Inc. (NASDAQ: PTRY), a leading independently operated convenience store chain in the southeastern U.S., today sent the following letter to stockholders in response to the ill-informed arguments made by the dissident stockholder group led by JCP Investment Management, LLC in connection with the Company's 2014 Annual Meeting of Stockholders:
Dear Fellow Stockholder,
At The Pantry’s Annual Meeting of Stockholders on March 13, 2014, you have the opportunity to protect the value of your investment by supporting your Board of Directors on the WHITE proxy card. A dissident stockholder group, led by JCP Investment Management, LLC, has undertaken an aggressive campaign of misinformation, and put forward an empty plan that illustrates a fundamental lack of understanding of our business, in an effort to put its director nominees on The Pantry’s Board. We believe the election of the dissident nominees would disrupt the ongoing progress your Board and management team are making on the Company’s strategic plan. It is important for us to set the record straight with respect to the inaccurate statements made by the dissident group, in order to ensure that stockholders have all the facts when making this important decision about the future of their investment.
THE DISSIDENT GROUP’S “PLAN” TO ENHANCE STOCKHOLDER VALUE PRESENTS NO NEW IDEAS TO CREATE STOCKHOLDER VALUE AND REFLECTS A LIMITED UNDERSTANDING OF THE COMPANY’S BUSINESSFollowing an in-depth strategic and operational review that culminated in October 2013, the Company’s leadership, with the support of a globally recognized consulting firm, identified key areas of focus for creating meaningful value for the Company and all stockholders, including sales growth initiatives, strategic store enhancements, acquisitions and thoughtful expense management. The Pantry’s Board and management team have acted on these key focus areas and implemented changes that have positioned the Company for sustained, profitable growth.