Another Meadow Valley shareholder takes issue with company's governance

By Lisa Kerner

Charlotte, N.C., Nov. 7 - Meadow Valley Corp. shareholder Hoak Public Equities, LP expressed support for the issues raised by fellow shareholder CD Capital Management LLC in CD Capital's Oct. 24 letter to the company's independent directors.

In its Nov. 7 letter to the same directors, Hoak strongly urged the board to immediately form a special committee of independent directors to review any and all bids for Meadow Valley. The investor would also like the company to appoint a "significant outside shareholder" to the special committee and recommended CD Capital's John D. Ziegelman.

Hoak has become increasingly concerned that its interests "may not be aligned with those responsible for corporate governance and capital allocation," according to the letter filed as part of a schedule 13D filing with the Securities and Exchange Commission.

Hoak beneficially owns 273,924 shares, or 5.34%, of the Phoenix construction materials company.

In its letter to Meadow Valley, included in a separate SEC filing, CD Capital said it believed Meadow Valley should immediately be put up for sale to maximize long-term shareholder value at $17 to $19 per share.

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