Amendment No. 4 to Schedule 13D

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, RX4V+Wb8TVgtpyHW0iUuY0NCbw9RiCADCU9ga3kUyViXBmkqCGjJXvMsZDxVRJsg t0wa+wPX+XSikOR7bx062A== 0001193125-09-111170.txt : 20090514 0001193125-09-111170.hdr.sgml : 20090514 20090514142314 ACCESSION NUMBER: 0001193125-09-111170 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 6 FILED AS OF DATE: 20090514 DATE AS OF CHANGE: 20090514 GROUP MEMBERS: ANDREW F. MATHIESON GROUP MEMBERS: DARLINGTON PARTNERS, L.P. GROUP MEMBERS: FAIRVIEW CAPITAL GROUP MEMBERS: SCOTT W. CLARK SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: MAC-GRAY CORP CENTRAL INDEX KEY: 0001038280 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PERSONAL SERVICES [7200] IRS NUMBER: 043361982 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-53449 FILM NUMBER: 09825886 BUSINESS ADDRESS: STREET 1: 404 WYMAN STREET STREET 2: SUITE 400 CITY: WALTHAM STATE: MA ZIP: 02451 BUSINESS PHONE: 781-487-7600 MAIL ADDRESS: STREET 1: 404 WYMAN STREET STREET 2: SUITE 400 CITY: WALTHAM STATE: MA ZIP: 02451 FORMER COMPANY: FORMER CONFORMED NAME: MAC GRAY INC DATE OF NAME CHANGE: 19970424 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: FAIRVIEW CAPITAL INVESTMENT MANAGEMENT CENTRAL INDEX KEY: 0001056549 IRS NUMBER: 943294876 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 300 DRAKE'S LANDING ROAD STREET 2: SUITE 250 CITY: GREENBRAE STATE: CA ZIP: 94904 BUSINESS PHONE: 4154644640 MAIL ADDRESS: STREET 1: 300 DRAKE'S LANDING ROAD STREET 2: SUITE 250 CITY: GREENBRAE STATE: CA ZIP: 94904 SC 13D/A 1 dsc13da.htm AMENDMENT NO. 4 TO SCHEDULE 13D Amendment No. 4 to Schedule 13D


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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 4)*

Mac-Gray Corporation

(Name of Issuer)

Common Stock

(Title of Class of Securities)

554153106

(CUSIP Number)

John M. Newell, Esq.

Latham & Watkins LLP

505 Montgomery Street, Suite 2000

San Francisco, CA 94111 (415) 391-0600

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

May 13, 2009

(Date of Event Which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of sections 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. ¨

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See section 240.13d-7 for other parties to whom copies are to be sent.

The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.


CUSIP No. 554153106		SCHEDULE 13D


1.		Names of Reporting Person Fairview Capital Investment Management, LLC
2.		Check the Appropriate Box if a Member of a Group (See Instructions) (a) ¨ (b) x
3.		SEC Use Only
4.		Source of Funds (See Instructions) AF
5.		Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)
6.		Citizenship or Place of Organization California


Number of Shares Beneficially Owned by Each Reporting Person With		7. Sole Voting Power 0
		8. Shared Voting Power 851,346
		9. Sole Dispositive Power 0
		10. Shared Dispositive Power 851,346


11.		Aggregate Amount Beneficially Owned by Each Reporting Person 851,346
12.		Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)
13.		Percent of Class Represented by Amount in Row (11) 6.3%
14.		Type of Reporting Person (See Instructions) IA, OO

Page 2 of 11


CUSIP No. 554153106		SCHEDULE 13D


1.		Names of Reporting Person Fairview Capital
2.		Check the Appropriate Box if a Member of a Group (See Instructions) (a) ¨ (b) x
3.		SEC Use Only
4.		Source of Funds (See Instructions) AF
5.		Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)
6.		Citizenship or Place of Organization California


Number of Shares Beneficially Owned by Each Reporting Person With		7. Sole Voting Power 0
		8. Shared Voting Power 851,346
		9. Sole Dispositive Power 0
		10. Shared Dispositive Power 851,346


11.		Aggregate Amount Beneficially Owned by Each Reporting Person 851,346
12.		Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)
13.		Percent of Class Represented by Amount in Row (11) 6.3%
14.		Type of Reporting Person (See Instructions) HC, CO

Page 3 of 11


CUSIP No. 554153106		SCHEDULE 13D


1.		Names of Reporting Person Andrew F. Mathieson
2.		Check the Appropriate Box if a Member of a Group (See Instructions) (a) ¨ (b) x
3.		SEC Use Only
4.		Source of Funds (See Instructions) AF
5.		Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)
6.		Citizenship or Place of Organization U.S.A.


Number of Shares Beneficially Owned by Each Reporting Person With		7. Sole Voting Power 0
		8. Shared Voting Power 851,346
		9. Sole Dispositive Power 0
		10. Shared Dispositive Power 851,346


11.		Aggregate Amount Beneficially Owned by Each Reporting Person 851,346
12.		Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)
13.		Percent of Class Represented by Amount in Row (11) 6.3%
14.		Type of Reporting Person (See Instructions) HC, IN

Page 4 of 11


CUSIP No. 554153106		SCHEDULE 13D


1.		Names of Reporting Person Scott W. Clark
2.		Check the Appropriate Box if a Member of a Group (See Instructions) (a) ¨ (b) x
3.		SEC Use Only
4.		Source of Funds (See Instructions) AF
5.		Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)
6.		Citizenship or Place of Organization U.S.A.


Number of Shares Beneficially Owned by Each Reporting Person With		7. Sole Voting Power 0
		8. Shared Voting Power 851,346
		9. Sole Dispositive Power 0
		10. Shared Dispositive Power 851,346


11.		Aggregate Amount Beneficially Owned by Each Reporting Person 851,346
12.		Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)
13.		Percent of Class Represented by Amount in Row (11) 6.3%
14.		Type of Reporting Person (See Instructions) HC, IN

Page 5 of 11


CUSIP No. 554153106		SCHEDULE 13D


1.		Names of Reporting Person Darlington Partners, L.P.
2.		Check the Appropriate Box if a Member of a Group (See Instructions) (a) ¨ (b) x
3.		SEC Use Only
4.		Source of Funds (See Instructions) AF
5.		Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)
6.		Citizenship or Place of Organization Delaware


Number of Shares Beneficially Owned by Each Reporting Person With		7. Sole Voting Power 0
		8. Shared Voting Power 803,146
		9. Sole Dispositive Power 0
		10. Shared Dispositive Power 803,146


11.		Aggregate Amount Beneficially Owned by Each Reporting Person 803,146
12.		Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)
13.		Percent of Class Represented by Amount in Row (11) 6.0%
14.		Type of Reporting Person (See Instructions) PN

Page 6 of 11


CUSIP No. 554153106		SCHEDULE 13D

Item 1. Security and Issuer

This statement relates to shares of Common Stock (the “Stock”) of Mac-Gray Corporation (the “Issuer”). The principal executive office of the Issuer is located at 404 Wyman Street, Suite 400, Waltham, MA 02451-1212.

Item 2. Identity and Background

The persons filing this statement and the persons enumerated in Instruction C of Schedule 13D and, where applicable, their respective places of organization, general partners, directors, executive officers and controlling persons, and the information regarding them, are as follows:

(a)

Fairview Capital Investment Management, LLC (“FCIM LLC”)

Fairview Capital

Andrew F. Mathieson

Scott W. Clark

Darlington Partners, L.P. (“Darlington”)

(collectively, the “Filers”).

(b)

The business address of the Filers is

300 Drakes Landing Road, Suite 250, Greenbrae, CA 94904

(c)

Present principal occupation or employment of the Filers and the name, principal business and address of any corporation or other organization in which such employment is conducted:

FCIM LLC is the investment adviser and general partner of Darlington and is the investment adviser to other accounts. Fairview Capital is the manager of FCIM LLC. Mr. Mathieson is the sole shareholder and President of Fairview Capital and is the managing member of FCIM LLC. Mr. Clark is a Vice President, member and portfolio manager of FCIM LLC and a managing partner and portfolio manager of Darlington.

(d)

During the last five years, none of the Filers has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).

(e)

During the last five years, none of the Filers was a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

(f)

For citizenship of the Filers, see Item 4 of the cover sheet for each Filer.

Page 7 of 11


CUSIP No. 554153106		SCHEDULE 13D

Item 3. Source and Amount of Funds or Other Consideration

The source and amount of funds used in purchasing the Stock were as follows:


Purchaser	Source of Funds	Amount
FCIM LLC	AF⁽¹⁾	$7,916,586

⁽¹⁾

Purchases were made by an investment limited partnership to which FCIM LLC is the general partner and investment adviser and other accounts of which it is the investment adviser.

Item 4. Purpose of Transaction

The Filers acquired the Shares for investment purposes in the ordinary course of business. In pursuing such investment purposes, the Filers may further purchase, hold, vote, trade, dispose or otherwise deal in the Shares at times, and in such manner, as they deem advisable to benefit from changes in the Shares’ market price, changes in the Issuer’s operations, business strategy or prospects, or from sale or merger of the Issuer. To evaluate such alternatives, the Filers routinely will monitor the Issuer’s operations, prospects, business development, management, competitive and strategic matters, capital structure, and prevailing market conditions, as well as alternative investment opportunities, the filers’ liquidity requirements and other investment considerations. Consistent with their investment research methods and evaluation criteria, the Filers may discuss such matters with the Issuer’s management or directors, other stockholders, industry analysts, existing or potential strategic partners or competitors, investment and financing professionals, sources of credit and other investors. Such factors and discussions may materially affect, and result in, the Filers’ modifying their ownership of the Shares, exchanging information with the Issuer pursuant to confidentiality or similar agreements, proposing changes in the Issuer’s operations, governance or capitalization, or in proposing one or more of the other actions described in sections (a) through (j) of Item 4 of Schedule 13D. The Filers may formulate other plans and/or make other proposals, and take such actions with respect to the Shares, including any or all of the actions described in sections (a) through (j) of Item 4 of Schedule 13D.

Without limiting the generality of the foregoing, on May 13, 2009, certain of the Filers sent a letter to the Issuer’s board of directors (the “Board”) expressing, among other things, a formal protest regarding the conduct of the 2009 Annual Meeting of Stockholders of the Issuer and a demand that the Board ensure that certain proxies be included in the final vote totals for the actions taken at such meeting. A copy of such letter is attached hereto as Exhibit B and is incorporated herein by reference.

On May 12, 2009, Fairview Capital Investment Management, LLC issued a press release announcing, among other things, that based on a preliminary count of vote results by the independent inspector of elections, stockholders of the Issuer elected Bruce C. Ginsberg, a director nominee of the Filers, as a member of the Board at the 2009 Annual Meeting of Stockholders of the Issuer. A copy of such press release is attached hereto as Exhibit C and is incorporated herein by reference.

Item 5. Interest in Securities of the Issuer

The beneficial ownership of the Stock by each Filer at the date hereof is reflected on that Filer’s cover page.

None of the Filers effected any transactions in the Stock in the last sixty days.

Page 8 of 11


CUSIP No. 554153106		SCHEDULE 13D

Item 6. Contracts, Arrangement, Understandings or Relationships with Respect to Securities of the Issuer

FCIM LLC is the general partner of Darlington pursuant to an agreement of limited partnership and is the investment adviser to other accounts pursuant to investment advisory contracts providing to FCIM LLC the authority, among other things, to invest Darlington’s and those accounts’ funds in the Stock, to vote and dispose of the Stock and to file this statement on behalf of Darlington and the other accounts. Pursuant to such agreement of limited partnership, FCIM LLC is entitled to allocations based on assets under management and realized and unrealized gains.

Item 7. Material to Be Filed as Exhibits


Exhibit A -		Agreement Regarding Joint Filing of Statement on Schedule 13D or 13G.

Exhibit B -		Letter to the Board dated May 13, 2009.

Exhibit C -		Press Release dated May 12, 2009.

Exhibit D -		Notice of Nomination of Persons for Election as Directors dated February 19, 2009, incorporated by reference to Schedule 13D filed February 20, 2009.

Exhibit E -		Press Release dated February 20, 2009, incorporated by reference to Schedule 13D filed February 20, 2009.

Exhibit F -		Letter to the Board dated April 10, 2008, incorporated by reference to Schedule 13D filed April 11, 2008.

Exhibit G -		Letter to the Board dated December 5, 2007, incorporated by reference to Schedule 13D filed December 7, 2007.

Exhibit H -		Letter to the independent members of the Board dated October 9, 2007, incorporated by reference to Schedule 13D filed December 7, 2007.

Exhibit I -		Letter to the Board dated July 9, 2007, incorporated by reference to Schedule 13D filed December 7, 2007.

Page 9 of 11


CUSIP No. 554153106		SCHEDULE 13D

SIGNATURES

After reasonable inquiry and to the best of my knowledge, I certify that the information set forth in this statement is true, complete and correct.

Dated: May 14, 2009


FAIRVIEW CAPITAL INVESTMENT MANAGEMENT, LLC		FAIRVIEW CAPITAL

By:	Fairview Capital, Manager	By:	/s/ Andrew F. Mathieson
			Andrew F. Mathieson, President
By:	/s/ Andrew F. Mathieson
	Andrew F. Mathieson, President

/s/ Andrew F. Mathieson		/s/ Scott W. Clark
Andrew F. Mathieson		Scott W. Clark

DARLINGTON PARTNERS, L.P.


By:		Fairview Capital Investment Management,
		LLC, General Partner

By:		Fairview Capital, Manager

By:		/s/ Andrew F. Mathieson
		Andrew F. Mathieson, President

Page 10 of 11


CUSIP No. 554153106		SCHEDULE 13D

EXHIBIT A

AGREEMENT REGARDING JOINT FILING

OF STATEMENT ON SCHEDULE 13D OR 13G

The undersigned agree to file jointly with the Securities and Exchange Commission (the “SEC”) any and all statements on Schedule 13D or Schedule 13G (and any amendments or supplements thereto) required under section 13(d) of the Securities Exchange Act of 1934, as amended, in connection with purchases and sales by the undersigned of securities of any issuer, until such time as the undersigned file with the SEC a statement terminating this Agreement Regarding Joint Filing of Statement on Schedule 13D or 13G. For that purpose, the undersigned hereby constitute and appoint Fairview Capital Investment Management, LLC, a California limited liability company, as their true and lawful agent and attorney-in-fact, with full power and authority for and on behalf of the undersigned to prepare or cause to be prepared, sign, file with the SEC and furnish to any other person all certificates, instruments, agreements and documents necessary to comply with section 13(d) and section 16(a) of the Securities Exchange Act of 1934, as amended, in connection with said purchases and sales, and to do and perform every act necessary and proper to be done incident to the exercise of the foregoing power, as fully as the undersigned might or could do if personally present, until such time as the undersigned file with the SEC a statement terminating this Agreement Regarding Joint Filing of Statement on Schedule 13D or 13G.

Dated: December 27, 2007


FAIRVIEW CAPITAL INVESTMENT MANAGEMENT, LLC				FAIRVIEW CAPITAL

By:	Fairview Capital, Manager			By:	Andrew F. Mathieson, President

	By:	Andrew F. Mathieson, President

Andrew F. Mathieson				Scott W. Clark

DARLINGTON PARTNERS, L.P.

By:	Fairview Capital Investment Management, LLC, General Partner

	By:	Fairview Capital, Manager

		By:	Andrew F. Mathieson, President

Page 11 of 11

EX-99.B 2 dex99b.htm LETTER TO THE BOARD DATED MAY 13, 2009 Letter to the Board dated May 13, 2009

Exhibit B

LOGO

May 13, 2009

VIA EMAIL

The Board of Directors

Mac-Gray Corporation

c/o Linda A. Serafini, Secretary

404 Wyman Street, Suite 400

Waltham, MA 02451

Re: Conduct of the 2009 Annual Meeting of Mac-Gray Corporation

Dear Members of the Board:

We are writing on behalf of Fairview Capital Investment Management, LLC and Darlington Partners, L.P. We hereby file a formal protest regarding the conduct of the 2009 Annual Meeting of Stockholders of Mac-Gray Corporation and demand that the proxies for 964,950 shares delivered after the purported closing of the polls be included in the final vote count.

There are a number of actions taken at or in connection with the Annual Meeting that we believe constitute actionable misconduct by the Company and the Chairman of the Annual Meeting, Stewart G. MacDonald, Jr.

As we publicly stated to Mr. MacDonald prior to the closing of the polls at the Annual Meeting, it was our understanding that Mac-Gray’s third-largest institutional stockholder had provided voting instructions to its voting agent, and that the voting agent in turn had submitted these voting instructions to Broadridge for processing, on May 7, 2009. However, as we stated, a substantial portion of these votes had not been processed by Broadridge prior to the commencement of the Annual Meeting due to vote processing difficulties.

As we stated at the Annual Meeting, we and the institutional investor whose votes had not yet been processed by Broadridge were requesting that the polls remain open for a period of at least one hour so the vote processing difficulties could be resolved. We also stated that Broadridge was making every effort to ensure that these votes were processed for timely submission before the polls closed.

Thereafter, Mr. MacDonald appeared to confer with counsel. However, Mr. MacDonald did not appear to confer with any of the other members of the Board, all of whom were present at the Annual Meeting. The Board did not hold a meeting to discuss the question of holding the polls open or any other matters.

Mr. MacDonald then announced to the Annual Meeting that the polls would remain open. A few minutes later, Mr. MacDonald announced that the polls were now closed. Mr. MacDonald did not announce the polls would close at a particular time, as specifically required by Delaware General Corporation Law Section 231(c), and therefore Mr. MacDonald’s decision to close the polls was invalid under Delaware law.

Mr. MacDonald closed the polls over the vigorous objections of numerous significant stockholders present at the meeting. At no time did Mr. MacDonald ask for a vote of the stockholders present in person or by proxy to determine whether or not the stockholders desired that the polls be closed.

At no time did Mr. MacDonald provide any reason whatsoever as to why the polls were closed, or why the polls could not remain open for an additional period of time to allow the vote processing difficulties to be corrected and the votes cast.

Finally, to our knowledge, between the time our request was made to hold the polls open, and the time that the polls were closed by Mr. MacDonald, no attempt was made by Mr. MacDonald, the representatives of Mac-Gray or any of their numerous counsel, proxy solicitors or other representatives present at the meeting, to validate our warning that vote processing difficulties were preventing one of Mac-Gray’s largest stockholders from voting its shares.

As you know, Mr. MacDonald was one of the incumbent directors up for re-election at the Annual Meeting. As a candidate for election, Mr. MacDonald’s unilateral decision to close the polls, without prior approval by the independent directors or stockholders, constitutes a clear conflict of interest, a violation of Mac-Gray’s own corporate governance policies regarding conflicts of interest, and a breach of Mr. MacDonald’s fiduciary duty to allow all stockholders a reasonable opportunity to exercise their voting franchise.

It appears that Mr. MacDonald’s decision to close the polls prematurely was made for the primary purpose of impeding the exercise of the stockholder franchise in a contested election of directors, and was without any justification whatsoever. Therefore, his decision would not survive scrutiny under Delaware law and would be invalidated.

Shortly after Mr. MacDonald purportedly closed the polls, the vote processing difficulties were resolved, and proxies for an additional 964,950 shares were delivered to the independent inspector of elections. These proxies represent 7.2% of Mac-Gray’s outstanding common shares. Virtually all of these proxies were voted for both of Fairview’s nominees and in favor of the two stockholder proposals regarding majority voting and declassification of the Board.

Failure to include these shares in the vote totals will disenfranchise stockholders. The Board has an opportunity to do the right thing here. Otherwise, it will further alienate its shareholder base.

We hereby demand that the Board take immediate action to ensure that the proxies for these 964,950 shares of Mac-Gray stock are included in the final vote totals for the actions voted on at the Annual Meeting. Inclusion of these shares in the vote totals would likely affect the final outcome of the vote on the stockholder proposal regarding declassification of the Board, and may affect the outcome of the election of directors. Accordingly, it is critical that the Board take this action immediately.

We look forward to a prompt response from the independent members of the Board regarding this matter.

Sincerely,




Scott W. Clark		Andrew F. Mathieson

EX-99.C 3 dex99c.htm PRESS RELEASE DATED MAY 12, 2009 Press Release dated May 12, 2009

Exhibit C

FAIRVIEW NOMINEE WINS BOARD SEAT AT MAC-GRAY

Chairman and CEO Stewart MacDonald Not Re-elected to Board of Directors, Based on

Preliminary Tabulation by Independent Inspector of Elections

Greenbrae, CA – May 12, 2009 – Fairview Capital Investment Management, LLC (“Fairview”) announced today that the stockholders of Mac-Gray Corporation (NYSE: TUC) elected Bruce C. Ginsberg as a member of the Board of Directors at its 2009 Annual Meeting of Stockholders, based on a preliminary count of vote results by the independent inspector of elections, IVS Associates, Inc. Mr. Ginsberg was nominated by an affiliate of Fairview, in opposition to Mac-Gray’s incumbent directors.

Fairview also announced that Mac-Gray’s Chairman and CEO Stewart G. MacDonald was not re-elected to Mac-Gray’s Board, despite the fact that he and his family control over 32% of the outstanding shares.

In addition, a stockholder proposal to adopt a majority vote standard for uncontested director elections received overwhelming support from stockholders at the Annual Meeting.

“We believe the election results represent a resounding vote for change. Mr. Ginsberg will provide a fresh, independent voice on the Board,” said Fairview’s president Andrew Mathieson. “Were it not for the MacDonald family votes, Fairview’s other nominee, Scott Clark, would have been elected by a wide margin as well. We believe the message is loud and clear – Mac-Gray’s independent stockholders demand change. To demonstrate that it has heard this message, the Board must take immediate action to improve corporate governance.”

The preliminary vote count is subject to the official certification of vote results, which is expected to be provided by IVS Associates, Inc. shortly.

Fairview Protests Chairman’s Conduct at the Annual Meeting

Fairview also reported that Mr. MacDonald, who acted as Chairman of the Annual Meeting, prematurely and improperly closed the polls before all stockholder votes could be cast. As a result, proxies representing 7.1% of Mac-Gray’s outstanding common shares were not counted. Virtually all these shares were voted for Fairview’s nominees. Notwithstanding Mr. MacDonald’s self-interested attempt to influence the outcome of the election, Mr. Ginsberg was elected and Mr. MacDonald was defeated.

“Mr. MacDonald closed the polls after he was alerted that the proxies of one of Mac-Gray’s largest institutional stockholders had not yet been voted at the meeting due to third-party vote processing difficulties,” said Fairview portfolio manager Scott Clark, who was present at the meeting. “Despite protests by Fairview and several other stockholders, Mr. MacDonald closed the polls. In doing so, he disenfranchised one of Mac-Gray’s largest stockholders and once again demonstrated his profound disregard for stockholder participation at Mac-Gray.”

Mr. MacDonald’s unilateral decision to close the polls prematurely did alter the outcome of the vote on one stockholder proposal. Fairview’s proposal to declassify the Board of Directors would have passed if Mr. MacDonald had not closed the polls prematurely.

About Fairview Capital Investment Management, LLC

Fairview is an SEC-registered independent investment advisor founded in 1995 and located in Greenbrae, CA. Key components of Fairview’s investment philosophy include a long-term focus, in-depth fundamental research, and constructive engagement with its portfolio companies.

Contacts

Scott Clark, 415-464-4640

Fairview Capital Investment Management, LLC

Alan Miller / Jennifer Shotwell / Scott Winter, 212-750-5833

Innisfree M&A Incorporated

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