FT. WORTH, Texas, U.S. – Farmer Bros. Co. (the “Company”), a national coffee roaster, wholesaler and distributor of coffee, tea and culinary products, today announced that it has received a statement of support from Richard Farmer, member of the founding Farmer family.
Richard Farmer provided the following statement:
“As a longtime Farmer Bros. Co. stockholder personally owning approximately 0.6 million shares, a co-trustee of numerous Farmer family trusts that collectively own over 2.1 million shares, and a member of the Farmer family, I support the Company’s Board of Directors and management team.
I believe the management team is executing the right strategy to position Farmer Bros. Co. to better compete and grow the business long-term and to honor the principles established by my grandfather when he founded the Company and upheld by my father when he ran the Company.
Further, I recognize and appreciate the significant improvements across the Company’s operations that have already been made, which have resulted in substantial increases in the Company’s stock price.
In fact, since Mike Keown joined Farmer Bros. Co., the Company’s stock price has approximately tripled in value, creating about $400 million in value for stockholders.
I have found the Board and management team to be open to engaging in a dialogue with stockholders and am confident in their commitment to acting in the best interest of Farmer Bros. Co. and all of the Company’s stockholders.
I look forward to supporting the Company’s Board nominees at the upcoming 2016 Annual Meeting of Stockholders.”
The Farmer Bros. Co. Board and management team appreciate the support of Richard Farmer and remain committed to acting in the best interest of the Company and to delivering value to all stockholders.
J.P. Morgan Securities LLC is serving as financial advisor to the Company, and Latham & Watkins LLP and Richards, Layton & Finger, PA are serving as legal advisors to the Company.
