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GA FINANCIAL, INC.
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(Name of Registrant as Specified In Its Charter)
COMMITTEE TO PRESERVE SHAREHOLDER VALUE
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(Name of Person (s) filing Proxy Statement, if other than the Registrant)
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Committee to Preserve Shareholder Value
100 Misty Lane
Parsippany, NJ 07054
Dear Fellow Shareholder:
I am writing on behalf of the Committee to Preserve Shareholder Value (the
"Committee") and in response to Mr. Kish's March 17, 2003 letter. Your vote is
not only important to the outcome of this election but ultimately could affect
the profitability of your investment in the stock of GA Financial, Inc. (the
"Company").
THE PRESENT COMPANY BOARD HAS NOT DELIVERED SIGNIFICANT SHAREHOLDER VALUE
The following schedule shows the Company's stock price performance on the
noted dates:
(i) March 26, 1996 (IPO date) $10.00
(ii) April 15, 1998 $22.25
(iii) November 8, 2002 (Schedule 13D filed by the
Committee members) $23.29
As can be readily seen, the Company's stock price has only returned to the
level achieved some five (5) years ago. What's so great about that performance?
Since November 8, 2002 the Company's stock price has increased more than $2.00
per share.
YOUR BOARD HAS NOT DELIVERED RECORD RESULTS IN 2002
The Company's return on equity was conspicuously missing from the Company's
disclosure about its 2002 record results. The reason is simple. The Company's
return on equity (the money we shareholders invest) was only 6.73% in 2002
compared to an average return on equity of over 9% for Pennsylvania based
thrifts with assets over $500 million. What's so great about this below average
performance? Nothing! It is the Committee's belief that a return on equity below
10% is unacceptable. (The Company cannot blame the economy for this performance.
Witness the fact that, during the last six (6) years, the return on equity
achieved by the Company has averaged 6.89%).
NEITHER THE COMMITTEE NOR MR. SEIDMAN WANT A "FORCED SALE" OF THE COMPANY
First, the Committee and Mr. Seidman own, and paid for 338,942 Company
shares. They have 338,942 reasons to maximize the value of the shares they own,
which will benefit all of the shareholders. Therefore, a "forced sale" is the
last thing the Committee, or Mr. Seidman, wants.
Second, Mr. Seidman cannot take any action on his own and, if elected,
would need the support of three (3) other directors to sell the Company.
Therefore, the Company's scare tactics are inappropriate.
Third, Mr. Seidman only wants the Board to examine every avenue available
for maximizing the Company's value. It is the Committee's belief that without
thoroughly examining every alternative, it is impossible to know what course of
action is the best to pursue for the benefit of the shareholders.
Lastly, if elected, Mr. Seidman pledges to examine the Company's position
that "[N]ow is not the time to sell", to determine whether there is a legitimate
basis for this statement. If it is determined that the only reason to not sell
is a desire to keep the management team employed, then Mr. Seidman will do
everything he can to convince the other directors that they must sell in order
to fulfill their obligations to all of the shareholders.
Thank you, in advance, for your time in considering this very important
matter.
Very truly yours,
THE COMMITTEE TO PRESERVE
SHAREHOLDER VALUE
If you have any questions or need further assistance, please contact our
proxy solicitor, D. F. King & Co., Att: Richard Grubaugh, 48 Wall St., NY, NY
10005, (800) 290-6426.