Trico Marine sends letter to stockholdersNews // May 22, 2009
Trico Marine Services in the US has announced that it is mailing a letter to the company's stockholders in connection with its 2009 Annual Meeting of Stockholders, scheduled for June 10th. The letter concerns an attempt by Kistefos in Norway to have its Chairman and CEO elected to Trico Marine's board.
Said the statement:
"Trico urges its stockholders, when considering Kistefos's proposals, to evaluate Kistefos's poor investment track record, their nominees' service on an already excessive number of Boards and their unstated objectives. Trico's Board of Directors unanimously recommends that stockholders vote today for the Board's highly qualified nominees by telephone, via the Internet or by signing, dating and returning the enclosed WHITE proxy card. "
The full text of the letter follows:
PROTECT YOUR INVESTMENT IN TRICO REJECT
KISTEFOS'S NOMINATIONS AND PROPOSALS
VOTE THE WHITE PROXY CARD TODAY
Dear Fellow Stockholder:
Kistefos AS, a Norwegian investment company owned by Christen Sveaas that holds approximately 21.7% of Trico's outstanding shares, has initiated a costly and disruptive proxy contest to elect Mr. Sveaas, its owner and Chairman, and Age Korsvold, its Chief Executive Officer, to your Board of Directors. When you are considering their proposals, we believe that it is critical for you to evaluate their poor investment track record, their service on an already excessive number of Boards of Directors and their unstated objectives.
Specifically, we believe that:
• Kistefos's nominees are over-extended on other Boards and will not devote the attention other stockholders deserve
• Kistefos's recent track record with its investments in public companies is not good and its criticisms of Trico lean heavily on the crutch of hindsight without offering any new ideas or insight
• Kistefos's candidates do not have the depth of relevant experience that is helpful to your investment and their scheme requires the removal of a highly qualified and independent director
• Kistefos's interests may be in conflict with yours through their much larger investment in a competitor of Trico
• Mr Korsvold's past actions as an executive at large public companies in Norway suggest that he is not qualified to serve as your representative and a steward of your company.
Your Board strongly urges all Trico stockholders to REJECT the Kistefos proposals and discard any proxy materials that you receive from Kistefos.
Your vote at Trico's upcoming Annual Meeting of Stockholders is important no matter how many shares you own. We urge you to vote on the WHITE proxy card FOR Trico's nominees - Joseph S. Compofelice and Ben A. Guill - and AGAINST the Kistefos proposals.
The full text of the statement from Trico Marine can be found at: