Sevcon Announces ISS Recommendation to Vote FOR All Incumbent Directors and FOR Charter Amendment at Annual Meeting
January 30 2017 - 9:13AM
Sevcon, Inc. (Nasdaq:SEV) today announced that Institutional
Shareholder Services Inc. (ISS), an influential advisor on proxy
voting matters, has recommended that Sevcon stockholders vote FOR
all the incumbent directors who are nominated for re-election by
the Sevcon Board of Directors. ISS also recommended that the
stockholders vote FOR the proposed amendment to the charter to
declassify the Board. In particular, ISS recommended that
stockholders NOT vote for dissident director, Ryan Morris, who has
waged a disruptive proxy campaign against the Company.
In making its recommendations to support the incumbent directors
and the charter amendment, ISS agreed with the Company that Ryan
“has failed to make a compelling case that change at the board
level is necessary” and said that “support for the dissident slate
is not warranted.”
Matt Boyle, Sevcon’s CEO, said, “now that both leading
independent proxy advisory firms have come out firmly in support of
our dedicated directors and rejected the basis for the dissident’s
attack, we hope to move past this extremely wasteful distraction.
We call on Ryan to drop his campaign and to retract his blatant
and, we believe, intentional mischaracterizations of certain of our
directors so we can focus all our efforts on running our business
for the benefit of all stakeholders. In the meantime, we urge our
stockholders to vote their proxies in support of the Board’s
proposals.”
Stockholders should vote via the internet or telephone by
following the instructions on the WHITE proxy card
they have received, or by returning the WHITE
proxy card, signed and dated, as soon as possible.
If you have any questions about voting
your shares, please call The Proxy Advisory Group,
which is assisting Sevcon, at (888) 616-2620.
About SevconSevcon is a global supplier of
control and power solutions for zero-emission, electric and hybrid
vehicles. Its products control on- and off-road vehicle speed and
movement, integrate specialized functions, optimize energy
consumption and help reduce air pollution. Sevcon’s Bassi Division
produces battery chargers for electric vehicles; power management
and uninterrupted power source systems for industrial, medical and
telecom applications; and electronic instrumentation for battery
laboratories. The company supplies customers from its operations in
the U.S., U.K., France, Germany, Italy, China and the Asia Pacific
region, as well as through an international dealer network. Learn
more about Sevcon at www.sevcon.com/.
Important Additional InformationSevcon, Inc.,
seven of its directors and its executive officers, and Marvin G.
Schorr are participants in the solicitation of proxies from Company
stockholders in connection with the matters to be considered at the
Company's 2017 Annual Meeting. Sevcon has filed a definitive
proxy statement and WHITE proxy card with the Securities and
Exchange Commission (“SEC”) in connection with such
solicitation. COMPANY STOCKHOLDERS ARE STRONGLY ENCOURAGED TO
READ THE DEFINITIVE PROXY STATEMENT AND ACCOMPANYING WHITE PROXY
CARD AS THEY CONTAIN IMPORTANT INFORMATION. Information
regarding the identity of the participants, and their direct or
indirect interests, by security holdings or otherwise, is set forth
in the proxy statement and other materials filed with the
SEC. Shareholders can obtain any proxy statement, any
amendments or supplements to the proxy statement and other
documents filed by the Company with the SEC for no charge at the
SEC's website at www.sec.gov, by request to Sevcon, Inc., 155
Northboro Road, Southborough, MA 01772 Attn: Corporate Secretary,
telephone: (508) 281-5500, or from the Company's website,
http://ir.sevcon.com/sec.cfm.
Contacts:
Matt Boyle
President and CEO
011 44 7802 260706
matt.boyle@Sevcon.com
Matt Goldfarb
Chairman of the Board
(917) 664-0051
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