Summer Road challenges Ingles Markets board over director nominee conflict claims

Summer Road LLC responded to statements from Ingles Markets, Incorporated (NASDAQ: IMKTA) regarding the nomination of Rory A. Held to the company's board of directors. The family office disputed claims that Held would face conflicts of interest if elected.

Summer Road stated that Held, who serves as a trustee for the firm's family office client, would owe a fiduciary duty to all Ingles shareholders if elected to the board. The firm argued this legal obligation would supersede other responsibilities. Held personally owns more Ingles stock than all independent board members combined, according to Summer Road.

The investment firm criticized current board members Rebekah Lowe and Dwight Jacobs, stating neither owns Ingles shares. Summer Road also noted that Chairman Robert P. Ingle II serves as a trustee for Ingle family trusts.

Summer Road characterized Ingles' statements as "dishonest and misleading" and described the board's response as a "smear and distraction campaign." The firm cited concerns about shareholder returns, disclosure practices, board accountability, operational performance and capital allocation at Ingles.

The proxy contest involves Summer Road's nomination of Held as an independent Class A shareholder representative to the Ingles board. Summer Road described itself as a family office that invests across multiple strategies and asset classes.

Shareholders can vote using a gold universal proxy card distributed by Summer Road. The firm has engaged Saratoga Proxy Consulting LLC to assist with the proxy solicitation process.

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