Sitestar’s(SYTE) shareholder meeting was held today, and it seems that I wasn’t the only one who withheld my votes for Steven Kiel and his cronies. There were 95,812,187 shares voted for directors. Officers and Directors collectively own 85,839,497 shares. I believe it is safe to assume that those were all voted and were all voted in favor of management’s slate. That leaves 9,972,690 independent shares voted. Of those, 41.8% withheld for Christopher Payne and Keith Smith, 33.8% withheld for Steven Kiel and Jeremy Gold, and 31.3% withheld for Jeffrey Moore. Keep in mind that former CEO Frank Erhartic owns 24,883,980 shares that he seems to have not voted, and that management’s share count is vastly inflated by their recent dilution. Even so, the data shows that a significant percentage of independent shareholders are displeased with Mr. Kiel’s seizure of their company.
Disclosure: The author holds shares of Sitestar.