Robotti & Company, LLC Sends Letter to Acergy S.A. Board of Directors Regarding Corporate Governance & Capital Allocation
February 24 2009 - 1:47PM
PR Newswire (US)
NEW YORK, Feb. 17 /PRNewswire/ -- Robotti & Company, LLC
("Robotti") sent a letter to the Board of Directors of Acergy S.A.
("Acergy") (NASDAQ:ACGY) (Oslo: ACY) on February 16, 2009 relating
to Acergy. While Robotti praised Acergy's 2008 accomplishments and
execution, Robotti detailed multiple corporate governance concerns,
including recent stock and option compensation plans proposed by
Acergy, past unauthorized stock option issuances, and valuation and
other issues relating to the failed merger with Subsea 7 Inc.
(Oslo: SUB). In addition, Robotti urged Acergy to take action so
that it could opportunistically repurchase its own securities and
adopt minimum shareholding requirements by the Board given the
Board's current lack of stock ownership. A copy of the letter can
be accessed at the following address:
http://robottico.homestead.com/ACGY02162009.pdf About Robotti &
Company, LLC Robotti & Company Incorporated is the parent
company and predecessor to Robotti & Company, LLC a broker
dealer that specializes in undervalued securities identified by our
proprietary research. Through our registered adviser affiliate,
Robotti & Company Advisors, LLC we offer personalized
investment management targeted to the individual client's long-term
equity investment needs. Robotti & Company has been in the
securities business since 1983. Contact information Meaghan Pratt
212-986-4800 Robotti & Company, LLC 110 East 42nd Street Suite
1100 New York, New York 10017 http://www.robotti.com/ DATASOURCE:
Robotti & Company, LLC CONTACT: Meaghan Pratt of Robotti &
Company, LLC, +1-212-986-4800 Web Site: http://www.robotti.com/
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