Dear Fellow CPBI Owner,
During the past fiscal year, our Company repurchased only 43,1831 of its shares despite trading below book value for the entire year.2 During the same period of time, 1,111,920 shares were traded on the stock exchange.3 In other words, our Company missed out on 96.1% of the shares that were traded during the year.
We were in touch with management during the last year (and for part of the previous year) encouraging the Company to repurchase as many of CPBI’s shares as possible. Despite their professed willingness, professed desire, and professed intention to repurchase a substantial number of CPBI’s shares, they failed to do so (as you can see from the above figures).
Our Company has substantial excess capital. Nothing would have been more accretive to shareholder value than repurchasing a substantial quantity of its shares.4 On several occasions, we offered to help management structure the share repurchases in a way that would have helped the Company repurchase the shares that management said they wanted to repurchase. They failed to do so (as you can see from the above figures).
Respectfully,
Megan Parisi
(787) 985-2194
mparisi@stilwellgroup.com
Source: https://www.sec.gov/Archives/edgar/data/1113303/000092189526001807/dfan14a10318031_07142026.htm