Key Summary: On September 22, 2021, the company announced its AGM for October 5, 2021, where shareholders would vote on electing two directors and increasing authorized shares from 12 million to 18 million. On September 23, 2021, GAMCO (19.5%) opposed the share increase without a detailed plan and intended to withhold votes for director nominees and vote against the proposal. Despite this, the proposal passed at the AGM. On August 8, 2022, GAMCO (16.71%) suggested adding retiring CFO Patrick J. Hansen to the Board. By June 28 and July 7, 2023, GAMCO (18.3% and 18.5%) nominated Bruce M. Lisman and F. Jack Liebau, Jr. for the Board. On August 25, 2023, the company agreed to nominate both, leading GAMCO to withdraw its nominees and support the company's slate.Market Cap: $89 million | Strattec Security Corporation designs, develops, manufactures, and markets automotive access control products under the VAST Automotive Group brand primarily in North America.
On September 22, 2021, the company announced that it will be holding its AGM on October 5, 2021 and at the AGM, shareholders will vote on the election of two directors and a proposal to increase (from 12 million to 18 million) the company’s number of authorized shares of common stock. Source
On September 23, 2021, GAMCO (19.5%) stated that it is uncomfortable providing the company a “blank check” increase in its share authorization without a detailed and verifiable plan for the use of the additional shares during this time of transition. GAMCO’s Proxy Voting Committee (the “PVC”) believes that it is good corporate governance for shareholders to be able to make an informed decision if the company, for example, is considering a joint venture or acquisition comprising over 10% of enterprise value. Therefore GAMCO, on behalf of its investment advisory clients for which it has voting authority, intends to “Withhold” on the election of the company’s nominees and vote “Against” the proposal to increase the authorized common stock at the AGM. Source
At the AGM held on October 5, 2021, shareholders voted to elect the company's nominees and also voted in favour of the proposal.
On August 8, 2022, the company announced, that its CFO, Mr. Patrick J. Hansen, was retiring effective September 9, 2022. Given Mr. Hansen’s longevity and importance to the company, GAMCO (16.71%) believes that the company should consider adding Mr. Hansen to the Board potentially at the upcoming 2022 AGM. Source
On June 2, 2023, GAMCO (17.76%) stated that it is reviewing the possibility of nominating two directors for the board. Source
On June 28, 2023, GAMCO (18.3%) sent notice to the company of its intent to nominate Mr. Bruce M. Lisman as a candidate for election to the Board at the AGM.
On July 7, 2023, GAMCO (18.5%) sent notice to the company of its intent to also nominate Mr. F. Jack Liebau, Jr. as a candidate for election to the Board at the AGM. Source
On August 25, 2023, the company announced it will nominate Mr. Lisman and Mr. Liebau for appointment as directors at the 2023 Annual Meeting. As a result, GAMCO will withdraw its nominees and will vote its shares in favor of the election of all of the company’s nominees at the 2023 Annual Meeting. GAMCO believes that the election of Mr. Lisman and Mr. Liebau will add value to the Board. Source
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