Scheid Vineyards Inc. Stock Purchase Offer Letter to Wellington Management Company, LLP
Scheid Vineyards Inc., through its President and CEO Scott Scheid, offers to purchase 370,300 shares of its Class A Common Stock from client accounts managed by Wellington Management Company, LLP at $5.50 per share, totaling $2,036,650. The letter confirms there are no known material changes in Scheid Vineyards' financial condition since its last press release and commits to notifying Wellington Management of any significant developments before the transaction closes.
Exhibit 10.1
September 29, 2004
SENT VIA FACSIMILE
Mr. Binkley Shorts
Wellington Management Company, llp
on behalf of certain client accounts
75 State Street
Boston, MA 02109
Dear Mr. Shorts:
In connection with our discussion regarding Scheid Vineyards Inc. (“Scheid Vineyards”) Class A Common Stock, I am prepared to offer Wellington Management Company, llp (“Wellington Management”) as investment adviser on behalf of certain client accounts (“Client Accounts”) $5.50 per share for the Class A Common Stock (“Class A Shares”) currently held by the Client Accounts. Based upon our conversation, the number of Class A Shares currently held by Wellington Management Client Accounts is 370,300, for an aggregate total purchase price of $2,036,650.00.
For your information, I am unaware of any event since the date of Scheid Vineyards’ press release describing its June 30, 2004 results, which would have a material impact on the Scheid Vineyards’ financial condition or operations, or require further information in addition to that which is already included in the press release. I will notify Wellington Management of any material events that may develop between the date of this letter and the closing of this transaction.
| Sincerely, | |
|
| |
| /s/ Scott Scheid |
|
|
| |
| Scheid Vineyards Inc. | |
| Scott Scheid | |
| President and Chief Executive Officer | |
