A substantial majority, but a message nonetheless

By Geert De Lombaerde Posted on May 31, 2009 at 10:10 pm

The quest by dissident shareholder Bristol Capital to snag two seats on Advocat’s board fell short Friday, garnering a not insignificant 25.6 percent of the votes cast. A year ago, Bristol’s call for the board to pursue a sale received 14 percent of shareholders’ votes. Since then, the shares (Ticker: AVCA) have lost 70 percent of their value.

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Tags: Advocat Inc., Bristol Capital Advisors LLC, Bristol Investment Fund Ltd., governance, proxy contests, senior housing and assisted living  

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