CLST Holdings Wins Support From ISS in Proxy Contest Against Timothy Durham
July 23 2007 - 10:30AM
PR Newswire (US)
ISS Recommends Shareholders Vote FOR All of Management's Nominees
on the White Proxy Card COPPELL, Texas, July 23
/PRNewswire-FirstCall/ -- CLST Holdings, Inc. (OTC Pink Sheets:
CLHI) today announced that Institutional Shareholder Services
(ISS), the nation's leading independent proxy advisory firm, issued
an analysis for the CLST Holdings, Inc. proxy contest. ISS
recommends that shareholders vote on management's WHITE proxy card
for Jere W. Thompson, John L. Jackson and Dale V. Kesler. ISS
recommends that shareholders NOT vote on Timothy Durham's green
proxy card. With respect to the contest put forth by the dissident
group, ISS correctly noted, "increased costs, related to
shareholder issues, including expenses associated with the annual
meeting and the proxy contest, have eroded the distribution range."
ISS concluded as follows: "In comparison with management's plan to
minimize costs and maximize the distributions to shareholders, the
dissident group has not offered a plan that would necessarily
result in more value to shareholders. As such, we question the
additional value that the dissidents would add to the board if
elected." "We are extremely pleased that ISS was able to conclude
that the proxy contest has eroded shareholder value and we believe
it has been an unnecessary distraction for management.
Additionally, as noted in the dissident's proxy statement, if
elected, Timothy Durham expects to be reimbursed for approximately
$250,000, a cost that will further decrease potential
distributions," said Sherrian Gunn, Chief Executive Officer of CLST
Holdings, Inc. "We urge all shareholders to follow ISS' INDEPENDENT
recommendation to vote on the WHITE proxy card." Dale Kesler,
Chairman of the Board added, "If elected, we plan to act in the
interests of all shareholders with respect to the distribution of
cash to shareholders. I ask other shareholders to follow the
recommendation of ISS and vote for all of management's nominees.
Please question the motives of the dissident group in making your
decision for the upcoming annual meeting." Shareholders that need
assistance in voting their shares or have any questions are invited
to call D.F. King & Co., Inc. toll-free at (888) 869-7046. This
news release contains forward-looking statements, as defined in the
Private Securities Litigation Reform Act of 1995. DATASOURCE: CLST
Holdings, Inc. CONTACT: Sherrian Gunn of CLST Holdings, Inc.,
+1-972-462-3530, Web site: http://www.clstholdings.com/
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