Kistefos Comments on Trico Marine Services, Inc. Annual Meeting
June 04 2010 - 8:40AM
Business Wire
Kistefos AS, the largest stockholder of Trico Marine Services,
Inc. (Nasdaq: TRMA), today stated that it has not changed its
previously announced intention to vote against the company's
director nominees and other proposals at Trico's 2010 Annual
Meeting, currently scheduled for June 10, 2010. Kistefos said that
while it is encouraged that Trico has removed Joseph Compofelice as
the company’s chairman and CEO, a move that Kistefos had repeatedly
urged the Board take since October 2009, it still must hold the
members of the Board standing for reelection accountable for the
loss of over 95% of the company's market value, as well as the
Board's failure to demonstrate how it will restore stockholder
value or describe a coherent strategy for resolving the company’s
ongoing crisis.
Kistefos stated that its basis for voting against the Company's
nominees and proposals is further supported by the recently
announced conclusions of two of the leading U.S. proxy voting
advisory firms. The ISS Proxy Advisory Services division of
RiskMetrics Group has recommended a vote against all three
directors, citing the company's anemic stock and financial
performance. Proxy Governance has issued a report with the same
recommendation, citing Trico’s “remarkably poor performance” over
the last three years. Those two recommendations followed the report
issued earlier by Glass Lewis & Co., which advised stockholders
to withhold support from 2 of the 3 director nominees and from
certain of the company's proposals.
THIS IS NOT, NOR SHALL IT BE DEEMED TO BE, A SOLICITATION OF
PROXIES FOR THE COMPANY’S UPCOMING ANNUAL MEETING.
Investors with questions about the process of voting their
shares held in Trico may contact Okapi Partners LLC, our
information agent, at (212) 297-0720.
About Kistefos AS
Kistefos AS is a private investment firm focused on making
investments in medium-sized companies. Kistefos typically invests
in turnaround opportunities and businesses that experience industry
consolidation. Kistefos has holdings in dry cargo-shipping,
offshore services and financial services, as well as
technology-founded investments and real estate development.
Kistefos AS was founded in 1979 and is based in Oslo, Norway.
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