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Summer Road Issues Final Letter to Shareholders Ahead of Ingles Markets’ April 30 th Annual Meeting

businesswire.com
IMKTA The article expresses strong bearish sentiment towards Ingles Markets, highlighting long-term underperformance, governance issues, poor judgment by the board, and a lack of representation for Class A shareholders. The call to elect a new director aims to improve transparency and drive long-term value, implying current management is failing.

Summer Road Issues Final Letter to Shareholders Ahead of Ingles Markets’ April 30 th Annual Meeting WEST PALM BEACH, Fla.--( BUSINESS WIRE)--Summer Road LLC (“Summer Road” or “we”), the beneficial owner of approximately 3% of the outstanding shares of Class A common stock of Ingles Markets, Incorporated (NASDAQ: IMKTA) (“Ingles” or the “Company”), today issued the following open letter to shareholders seeking their support for the election of Rory A. Held to Ingles’ Board of Directors (the “Board”) at the 2026 Annual Meeting of Shareholders.

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Fellow Shareholders,

We greatly appreciate the discussions we have had with many of you in recent weeks about the long-term underperformance and governance issues at Ingles, as well as the opportunity for the Company to generate sustained value for shareholders by improving its disclosure, capital allocation and the Board’s alignment with shareholders’ interests.

With the Annual Meeting just days away, we want to recap the fundamental facts that support our case for electing a truly independent Class A shareholder to Ingles’ eight-member Board:

Fact #1: The Board, as currently configured, does not represent Class A shareholders and lacks truly independent directors.

Fact #2: The Board’s history of poor judgment demonstrates that Class A shareholders need an objective director who can serve as a check on management.

Fact #3: Under this Board, Ingles’ total shareholder returns and operating results have trailed peers for years – even prior to Hurricane Helene.

Fact #4: Under the incumbent Board, Ingles has functioned like a private family enterprise to the detriment of Class A shareholders.

Fact #5: Mr. Held’s shareholdings and investment background make him best-suited to serve as a committed advocate for Class A shareholders’ interests – which is precisely the role of a Class A director.

Together, we can send a strong message to Ingles that Class A shareholders are demanding real accountability and independent oversight from the Board. The incumbent directors will not be able to continue ignoring shareholders’ concerns if we deliver a resounding mandate for change by electing an independent Class A shareholder to the Board. At the upcoming Annual Meeting on April 30 th, we urge you to vote for Mr. Held to restore investor transparency and drive long-term value. Thank you very much for your time and your support.

Sincerely,

Summer Road

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If you have questions about how to elect Summer Road’s independent nominee, Rory A. Held, to the Ingles Board using the GOLD universal proxy card, please contact:

Saratoga Proxy Consulting LLC

520 8th Avenue, 14th Floor New York, NY 10018

Shareholders Call Toll-Free: (888) 368-0379

info@saratogaproxy.com

Visit www.saratogaproxy.com/Ingles to review Summer Road’s materials.

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About Summer Road LLC

Summer Road LLC is a family office which invests across a diverse range of strategies and asset classes.

1 Permission to quote Institutional Shareholder Services, Inc. was neither sought nor received.

2 The Company’s April 8 th investor presentation and April 16 th press release.