AMCON DISTRIBUTING COMPANY (NYSEMKT:DIT) Files An 8-K Submission of Matters to a Vote of Security Holders

ME Staff 8-k
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AMCON DISTRIBUTING COMPANY (NYSEMKT:DIT) Files An 8-K Submission of Matters to a Vote of Security Holders

Item 5.07

Submission of Matters to a Vote of Security Holders.
AMCON Distributing Company held its annual meeting of
stockholders on Thursday, December 22, 2016, at which meeting our
stockholders voted upon the following matters:
The election of two Class II directors to hold office for
a three-year term expiring at our annual meeting of
stockholders following our 2019 fiscal year, and until
their respective successors are duly elected and
qualified or until their respective earlier resignation
or removal;
The ratification and approval of the selection of RSM US
LLP as our independent registered public accounting firm
for our 2017 fiscal year; and
The advisory approval of the compensation of our
executives disclosed in the proxy statement for this
annual meeting to the compensation disclosure rules of
the Securities and Exchange Commission.
Election of Directors
At the annual meeting, Christopher H. Atayan and Raymond F.
Bentele each was elected as a Class II director. The following is
a summary of the votes cast at the annual meeting with respect to
the election of directors:
Name
Votes in
Favor
Votes
Withheld
Christopher H. Atayan
448,669
7,498
Raymond F. Bentele
448,598
7,569
There were 119,788 broker non-votes with respect to this
matter.
In addition to the two Class II directors elected at the annual
meeting, the persons continuing their term of office as members
of our board of directors are:
Class I Directors (term to expire at the annual meeting
following our 2018 fiscal year)
Jeremy W. Hobbs
Stanley Mayer
Class III Directors (term to expire at the annual
meeting following our 2017 fiscal year)
Kathleen M. Evans
John R. Loyack
Timothy R. Pestotnik
Ratification and Approval of Independent Registered Public
Accounting Firm
At the annual meeting, the selection of RSM US LLP as our
independent registered public accounting firm for our 2017 fiscal
year was ratified and approved. The following is a summary of the
votes cast at the annual meeting with respect to this matter:
Votes in
Favor
Votes
Against
Votes
Abstaining
Ratification and approval of the selection of RSM US LLP
572,752
1,607
1,596
There were no broker non-votes with respect to this matter.
Advisory Approval of Executive Compensation
At the annual meeting, stockholders provided advisory approval of
the compensation of our executives disclosed in the proxy
statement for the annual meeting to the compensation disclosure
rules of the Securities and Exchange Commission. The following is
a summary of the votes cast at the annual meeting with respect to
this matter:
Votes in
Favor
Votes
Against
Votes
Abstaining
Advisory approval of executive compensation
428,010
28,040
There were 119,788 broker non-votes with respect to this matter.
Additional information regarding the matters voted on at the
annual meeting is contained in our proxy statement dated
November 18, 2016.
* * *
Item 8.01 Other Events.
On December 22, 2016, the board of directors of AMCON
Distributing Company authorized the repurchase of up to 50,000
shares of our Company’s common stock in any combination of open
market or privately negotiated transactions. This share
repurchase authorization replaces the authorization previously
provided by the board of directors for the repurchase of shares,
which was terminated.
Under this share repurchase authorization, our Company may
repurchase shares from time to time, in amounts, at prices, and
at such times as management deems appropriate, subject to market
conditions, legal requirements and other considerations. It is
anticipated that any repurchases under this authorization would
be funded from cash on hand and available borrowings under our
Company’s existing revolving credit facility. Our Company is not
obligated to repurchase any specific number of shares and this
share repurchase authorization may be suspended, modified or
terminated at any time without prior notice.
* * *


About AMCON DISTRIBUTING COMPANY (NYSEMKT:DIT)

AMCON Distributing Company (AMCON) and its subsidiaries are engaged in the wholesale distribution of consumer products in the Central, Rocky Mountain, and Southern regions of the United States. The Company has two segments: wholesale distribution segment (Wholesale segment) and retail health food segment (Retail Segment). The Wholesale Segment offers retailers the ability to utilize manufacturer- and Company-sponsored sales and marketing programs, merchandising and product category management services. Its Retail Segment has conventional, natural, gourmet and specialty food markets, mass and discount retailers, health food stores, dietary supplement retailers and drug stores, among others. As of September 30, 2016, it operated 16 health food retail stores, six retail health food stores in Florida under the name Chamberlin’s Market & Cafe and 10 in the Midwest under the name Akin’s Natural Foods Market.

AMCON DISTRIBUTING COMPANY (NYSEMKT:DIT) Recent Trading Information

AMCON DISTRIBUTING COMPANY (NYSEMKT:DIT) closed its last trading session up +3.75 at 104.30 with 17,144 shares trading hands.