Oak Street Capital Management, LLC and Dash Acquisitions LLC today commented on the results of the contested election of directors of Denny's Corporation (Nasdaq: DENN) at the annual meeting of shareholders held on Wednesday, May 19, 2010. Denny's has announced that all of the incumbent directors were elected to the board at the annual meeting.
David Makula, the Managing Member of Oak Street Capital, commented: "The results of the election were extremely close, with our nominees receiving up to 48% of the votes cast. We would like to thank the shareholders who voted for us for their overwhelming support. Throughout this election contest, we were gratified to learn that we were not alone in our desire to return Denny's to the core values on which it was founded."
Jonathan Dash, the President of Dash Acquisitions, added: "The continuous decline in same store sales and guest traffic must be reversed in order to begin to turn this company around. We are hopeful that we have sent a strong message to the board members that shareholders will hold each of them accountable if shareholder value continues to deteriorate."