Former SEC Chairman Turns Up Heat on Applebee’s (APPB), Nominates 4 to Board
In an amended 13D filing after the close on Applebee’s International (Nasdaq: APPB), 5.25% holder Breeden Capital, disclosed a letter delivered to the Company, informing the Company of its proposal to nominate four candidates for election to the Board of Directors of the Company at the Company’s 2007 annual meeting of shareholders. The nominees are: Richard C. Breeden, Laurence E. Harris, Steven J. Quamme and Raymond G.H. Seitz.
Mr. Breeden noted in a letter to the Applebee's directors that, over the three years ended December 1, 2006, Applebee's total return to shareholders was 13th worst out of 14 comparable companies. During this time, Applebee's total return was a NEGATIVE 13.4%, costing shareholders hundreds of millions of dollars in lost value. By contrast, competitors like Darden Restaurants (operator of Red Lobster and Olive Garden restaurants) and California Pizza Kitchen had total returns to shareholders in the same time frame of 99% and 71%, respectively.
Breeden Capital was founded by former SEC Chairman Richard C. Breeden.