Alaska Communications Withdraws Proposal to Amend Its Incentive Award Plan
June 01 2017 - 7:00PM
Business Wire
Alaska Communications Systems Group, Inc. (NASDAQ: ALSK), the
leading provider of advanced broadband and managed IT services for
businesses and consumers in Alaska, today announced that its Board
of Directors will no longer seek shareholder approval to amend the
company’s 2011 Incentive Award Plan. The proposal has been
withdrawn from the agenda for the annual meeting. The annual
meeting remains scheduled for 8:30 a.m., Alaska daylight time, on
Tuesday, June 6, 2017, at the Alaska Communications Business and
Technology Center, 600 36th Avenue, Anchorage, Alaska 99503.
Following discussions with shareholders, the Alaska
Communications Board of Directors reconsidered the terms of the
proposal and determined that withdrawal was appropriate. The Board
continues to believe that the creation of meaningful equity
incentives for employees is important to the company’s success.
“We believe a well-structured equity component to management
compensation is critical for aligning management and shareholder
interests,” said Ned Hayes, Chairman of the Board of Alaska
Communications. “Although ISS and Glass Lewis both were supportive
of the incentive plan proposal, we believe that the better course,
at this time, is to withdraw the proposal.”
“With this action, we are responding to shareholder feedback. We
are committed to ensuring that our employees are appropriately
compensated and that our equity practices enjoy robust support from
our shareholders,” said Anand Vadapalli, President and CEO of
Alaska Communications.
Forward-Looking Statements
This press release includes certain "forward-looking
statements," as that term is defined in the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are
based on management's beliefs as well as on a number of assumptions
concerning future events made using information currently available
to management. Readers are cautioned not to put undue reliance on
such forward-looking statements, which are not a guarantee of
performance and are subject to a number of uncertainties and other
factors, many of which are outside the Company’s control. For
further information regarding risks and uncertainties associated
with the Company’s business, please refer to the Company's SEC
filings, including, but not limited to, the sections entitled "Risk
Factors" and "Management's Discussion and Analysis of Financial
Condition and Results of Operations" in our annual report on Form
10-K and quarterly reports on Form 10-Q. Copies of the Company's
SEC filings may be obtained by contacting its investor relations
department at (907) 564-7556 or by visiting its investor relations
website at www.alsk.com.
About Alaska Communications
Alaska Communications (NASDAQ: ALSK) is the leading provider of
advanced broadband and managed IT services for businesses and
consumers in Alaska. The company operates a highly reliable,
advanced statewide data network with the latest technology and the
most diverse undersea fiber optic system connecting Alaska to the
contiguous U.S. For more information, visit
www.alaskacommunications.com or www.alsk.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20170601006710/en/
Alaska CommunicationsMedia Contact:Heather Cavanaugh,
907-564-7722orInvestor Contact:Tiffany Smith,
907-564-7556investors@acsalaska.com
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