DEERFIELD, IL – BAB, Inc. (OTCQB:BABB), a company specializing in retail eating places, announced the results of its annual shareholder meeting held last Friday. Shareholders cast their votes to elect directors, ratify the appointment of independent auditors, and pass advisory resolutions on executive compensation and its frequency.
The election results confirmed four directors to serve one-year terms, with Michael Evans receiving 3,424,641 votes for, Steven Feldman and James Lentz each receiving 3,436,141 votes for, and Michael Murtaugh receiving 3,397,625 votes for. Votes withheld ranged from 522,004 to 560,520 for the directors, and there were 1,094,345 broker non-votes for each nominee.
Moreover, shareholders ratified the appointment of Sassetti LLC as the company's independent auditors for the fiscal year ending November 30, 2024, with 5,028,609 votes for, 21,128 against, and 2,753 abstentions.
On the advisory front, the compensation of the company's Named Executive Officers was approved with 3,856,317 votes for, 42,030 against, and 59,798 abstentions. Shareholders also recommended, on an advisory basis, that future votes on executive compensation occur every three years.
This recommendation was supported by a plurality of votes, with 2,196,303 opting for a triennial frequency, 1,613,764 for annual, 119,385 for biennial, and 28,693 abstentions.
Following the nonbinding recommendation of the shareholders, BAB, Inc. will include a proposal to approve the compensation of the company's Named Executive Officers every three years in future meetings.
The information provided in this article is based on a press release statement from BAB, Inc. regarding the SEC filing. The results of the meeting reflect the shareholders' decisions on the governance and oversight of the company for the upcoming year.
InvestingPro Insights
As BAB, Inc. (OTCQB:BABB) continues to navigate the retail eating places industry, recent data from InvestingPro provides a snapshot of the company's financial health and market performance. With a market capitalization of $5.73 million, BAB, Inc. is trading at a P/E ratio of 10.41, which is noteworthy when considering its near-term earnings growth potential. Moreover, the company's PEG ratio stands at an attractive 0.35, indicating that its stock price may be undervalued relative to its earnings growth.
InvestingPro Tips highlight BAB, Inc.'s strong financial position, with gross profit margins impressively high at 64.59% for the last twelve months as of Q1 2024. Furthermore, the company is recognized for its consistent shareholder returns, paying out a significant dividend yield of 7.7% and maintaining dividend payments for 22 consecutive years, a testament to its financial stability and commitment to shareholders.
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