Office Hours

MONDAY, APRIL 2, 2012, 3:57 P.M.

The proxy battle: Ambassadors sends out a note to its workers

It's not a bad idea to brush up on your knowledge of proxy statements, especially if you have any stock in Spokane-based Ambassadors Group (symbol: EPAX).

Two shareholders, Bandera Partners and Lane Five Capital Management, have each filed preliminary proxy statements, indicating they may or may not be sending out invitations to other shareholders to vote with them on the election of new board directors.

That effort is tied to concerns by those investors, who between them own about 20 percent of the company's shares. They generally regard efforts by Ambassadors board and management as ineffective in reversing a five-year stock decline.

A story on the contest was posted Monday afternoon on

Ambassadors is the publicly traded cultural-immersion travel-arranger with offices near the Spokane Airport.

Its CEO Jeff Thomas earlier today released a letter to the company's employees. In it, he said:

"Our board and management team are committed to acting in the best interests of shareowners and are focused on delivering value."

Financial graph from Thomson Reuters.

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Tom Sowa
Tom Sowa covers technology, retail and economic development and writes the Office Hours blog.