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  "documentTitle": "Bilgari Cracker Barrel Presentation October 2020",
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  "presentationDate": "2020-10-01 00:00:00",
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      "kind": "callout",
      "text": "Vote FOR Raymond Barbrick on the GOLD card",
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      "text": "Biglari Capital Corp. (BCC) has maintained significant ownership interest in Cracker Barrel (CBRL) for almost a decade.\nWe firmly believe that Cracker Barrel is an A+ brand. We have consistently sought to ensure that management and the Board focus on the core brand in order to maximize shareholder value.\nIn the past, many of our suggestions have been met with opposition from the Board, only to be adopted subsequently, thereby creating significant value for shareholders.\nThe Company has largely failed to execute the 3-year plan it announced in 2017. Failure to execute has resulted in lagging total shareholder return (TSR) relative to relevant peers and benchmark index (the S&P Mid-Cap 400 Restaurants Index), a multi-year trend in negative guest traffic growth, declining store level operating margins, and deteriorating sales-to-investment ratio.\nAdditionally, the Board has made poor capital allocation decisions such as investing in Punch Bowl Social that resulted in a $137 million loss in eight months.\nWe are seeking one Board seat for an independent director nominee who brings significant restaurant and capital allocation expertise – necessary skills that are currently lacking from the Board. If elected, our nominee will help to:\n- Bring discipline to the company’s capital allocation;\n- Focus the Board and management on the Cracker Barrel brand;\n- Reject all egregious acquisitions or investments;\n- Disclose to shareholders the returns on capital deployed on new stores opened in the past decade; and\n- Return capital to shareholders through dividends and/or share repurchases.\nThe Company has a history of launching personal attacks against Sardar Biglari and Biglari Holdings. Neither Sardar Biglari nor Biglari Holdings is seeking Board representation. Instead, we have nominated an unaffiliated candidate who brings extensive and relevant industry experience. It is time to focus on the message and not the messenger.",
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