ALCO Stores responds regarding proposed alternative slates of directors

theflyonthewall.com

ALCO Stores announced a response regarding the two stockholder groups that have each declared their intention to submit nominees to replace the current members of the company's board. Over the course of the past month, two separate groups of stockholders have stated their intention to replace the company's entire board. The first group, which first filed soliciting material with the SEC on February 18, states that it is led by David W. Pointer and Dilip Singh and is associated with Charles M. Gillman, John M. Climaco, VI Capital Fund, LP, and VI Capital Management, LLC. The First Group collectively claims to control 36,724 shares, or 1.13%, of the Company's outstanding common stock. The second group, which first filed soliciting material with the SEC on March 6, comprises Milwaukee Private Wealth Management, whose president and CEO is Jeffrey Geygan, and five other participants to be nominated as directors. The Second Group collectively claims to control 113,995 shares, or 3.5%, of the company's outstanding common stock. The board is currently investigating the background and qualifications of the individuals associated with these groups, including the director nominees. The board is concerned with any group taking control of the company without offering all stockholders a control premium.

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