J. Alexander’s Holdings director Frank Martire has in the past week spent almost $215,000 to build his stake in the restaurant company. Martire was named to the board of West End-based J. Alexander’s in September, just before the company returned to the New York Stock Exchange. He is the executive chairman of Fortune 500 company Fidelity National Information Services and was that company’s CEO from 2009 to early this year.
Martire's recent purchases have more than doubled his stake in J. Alexander’s (Ticker: JAX), which has climbed about 10 percent since being spun out of Fidelity National Financial nearly two months ago.
As was the case three years ago, Sardar Biglari isn't the only Cracker Barrel shareholder who doesn't like Cracker Barrel Old Country Store's shareholder rights plan, more commonly known as a poison pill. But, as was also the case in 2012, the restaurant and retail company's plan passed very comfortably last week, garnering 11.8 million 'for' share votes versus 6.2 million shares opposed. That means investors controlling almost 1.5 million shares — some 6 percent of Cracker Barrel's total stock outstanding — aren't thrilled with the outcome.
Shareholders of Cracker Barrel Old Country Store have voted to extend the poison pill adopted by the company's board this spring all the way to 2018. The mechanism is designed to deter activist Sardar Biglari, who in turn says he's not interested in growing his stake in the company.
The company is promising exact vote numbers soon but it's likely the decision was pretty clear: Biglari's initiatives have been losing support in recent years.
Restaurant chain Captain D's posted third-quarter same-store sales growth of 3.0 percent, making it the 16th straight three-month period in positive territory. The pace is down just a bit from the 4.9 percent in Q1 and 5.2 percent in the second quarter. But it keeps the Nashville-based company on track for a third straight year of record average unit volumes.
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