Wednesday, June 27, 2007

Richard Breeden Turns His Attention to H&R Block (HRB)

Breeden Capital will nominate three candidates for election to the Board of Directors of H&R Block Inc. (NYSE: HRB) at the company's 2007 annual meeting. The 2007 annual meeting is scheduled for September 6, 2007.

Richard Breeden, Chairman and Chief Executive Officer of Breeden Capital Management LLC, will seek election to the H&R Block board, along with two other individuals to be announced by Breeden Partners later this week.

Mr. Breeden said, "While H&R Block is widely known for its market-leading tax preparation services, its efforts to diversify into activities including subprime mortgage lending, securities brokerage and banking have resulted in substantial lost shareholder value. H&R Block's stock has significantly underperformed the S&P 500 Index for the five years ended June 15, 2007. As shareholders, we believe that five years is long enough to wait for H&R Block to achieve attractive returns for shareholders. This board needs fresh perspectives and new energy, which we intend to supply, to tackle the company's problems."

Breeden Capital, run by former SEC-chief Richard Breeden, recently targeted Applebee's (Nasdaq: APPB), winning a board seat and pushing for a strategic review, which the company said has yielded several non-binding, preliminary proposals to acquire the company.

Other stocks in Breeden portfolio are ACCO Brands Corporation (NYSE: ABD), Alexander & Baldwin Inc. (Nasdaq: ALEX), Applebee's (Nasdaq: APPB), Bausch & Lomb Inc. (NYSE: BOL), Helmerich & Payne (NYSE: HP), Hillenbrand Industries (NYSE: HB), Steris Corp. (NYSE: STE), and Warnaco Group (Nasdaq: WRNC).

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