Four stockholder proposals were also presented and voted on at the annual meeting. Two proposals to place the Company on the market for sale failed to pass. Two other proposals to eliminate the Stockholders Rights Plan and to abandon certain bonuses passed.
The Board of Directors has determined to take the two proposals that passed under consideration after such time as it has had an opportunity to evaluate the findings and recommendations of its investment banker, Wells Fargo Van Kasper, in connection with its engagement by the Company to assist it in seeking strategic alternatives to enhance stockholder value.
Based in Fort Worth, Pancho's Mexican Buffet, Inc. is the only publicly-held company offering all-you-can-eat Mexican food in a buffet-style format. The company operates 48 restaurants in Texas, Arizona, Louisiana, New Mexico and Oklahoma.