H&R Block to shareholders: Breeden has it wrong

By Lisa Kerner

Charlotte, N.C., Aug. 21 - H&R Block, Inc. sent a pamphlet to its shareholders on Tuesday in connection with its solicitation of proxies for the 2007 annual meeting of shareholders.

The content of the pamphlet was included in a DEFA14A filing with the Securities and Exchange Commission.

According to H&R Block, shareholder Richard C. Breeden, chairman and chief executive officer of Breeden Capital Management, LLC, "has it all wrong" and seems to be "fundamentally confused as to the nature of H&R Block's business." The company said it believes that Breeden's "misguided strategies" will be harmful to the value of shareholders' investments in H&R Block.

Breeden's strategies include the divestiture of H&R Block Bank, the sale of Option One - which the company said it already planned to do - and re-franchising.

H&R Block urged its shareholders to vote the white proxy card at the Sept. 6 annual meeting.

Last week, Breeden Capital Management sent a letter to the company's other shareholders urging that they vote to elect the Breeden Partners LP nominees, including Richard Breeden, to H&R Block's board of directors at the annual meeting.

It was previously reported that Breeden, in a seven-page letter, expanded upon his value-creation plan and reiterated his desire that the company focus on the tax preparation business and management accountability.

H&R Block is a provider of tax, financial, accounting and business consulting services and products based in Kansas City, Mo.

Breeden Capital is a Greenwich, Conn.-based investment fund manager.

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