Egan-Jones Advises Ingles Markets Shareholders to Support Rory A. Held for Better Capital Allocation and Oversight
Egan-Jones recommends Ingles Markets shareholders support Rory A. Held and withhold votes from management nominees Rebekah Lowe and Dwight Jacobs, citing poor capital allocation and lack of growth. The firm highlights that Ingles has spent $1.5 billion on capital expenditures over the past decade with minimal improvement in operating income and no new store openings in four years. The stock trades near book value, reflecting skepticism about the board's strategy.
Topics: capital allocation corporate governance dividend policy real estate utilization shareholder voting