Tully's Coffee schedules shareholder vote on Green Mountain bid
Seattle coffee company urges shareholders to accept $40 million deal for wholesale business.
By Melissa Allison
Seattle Times business reporter
Tully's Coffee could go out of business if shareholders do not approve the sale of its wholesale business to Green Mountain Coffee Roasters of Vermont, the Seattle-based coffee chain said in a securities filing today.
In a report the day after Tully's announced plans in September to sell the business for $40.3 million to Green Mountain, "our auditors stated that our recurring losses and accumulated deficit raised substantial doubts about our ability to continue as a going concern."
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posted by Robert @ 2/08/2009
2 Comments
2 Comments:
With a residual, according to your figures, How many shares outstanding split the $12,300,000? Do the executives forgo their bonuses? Probably not and I would guess that the payout to investors will be less than ten cents on the dollar. Is there an option to transfer our stock to Green Mountain and if so at what exchange rate? I wonder if I will even get an answer to this. I will see you on the 16th of MARCH IF YOU WILL ANNOUNCE WHERE AND AT WHAT TIME. That will be a pleasent surprise..keeping the stockholders informed as to whats going on in the company for a change. I think the reason that you don't keep us informed is that we would realize just how badly you are ripping us off while you are collecting your paycheck for failing the company.
Ron Poole
One disappointed stockholder
I haven't seen much explanation on the pros and cons of a sale, that is, from the stockholders' perpsective.
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