The
following press release was issued by Kistefos AS on June 10, 2009.
KISTEFOS COMMENTS ON TRICO MARINE SERVICES ANNUAL MEETING
Preliminary Voting Results Show An Overwhelming Majority of
Stockholders Want Change At Trico
OSLO,
Norway June 10, 2009 Kistefos AS, the largest stockholder of Trico
Marine Services, Inc. (NASDAQ: TRMA), announced today that it had received
overwhelming stockholder support for its proposed Board of Director nominees
and corporate governance proposals at Tricos Annual Meeting of Stockholders.
The preliminary results show that:
·
Kistefos Chairman Christen Sveaas received
approximately 75 percent of the votes cast for his election to the companys
Board, and approximately two million more votes than incumbent Trico Chairman
and CEO Joseph Compofelice.
·
Over five million shares, or approximately 40
percent of the votes cast, withheld support for Mr. Compofelice, who also
failed to receive affirmative support from a majority of the outstanding stock.
·
Kistefos CEO Age Korsvold received
approximately 52 percent of the votes cast in support of his nomination to the
companys Board.
·
At least three of the four proposals
submitted by Kistefos to strengthen Tricos corporate governance standards
received more than 50 percent of the votes cast.
·
Kistefos proposal to declassify Tricos
Board of Directors, meaning any Board nominees who are up for election in
future years will be eligible for a one-year term instead of the current
three-year term, was passed by Tricos stockholders and will be subject to
adoption by the Board.
Kistefos
believes that, given the complexity of the contest, these results represent
overwhelming stockholder support for change.
Kistefos
noted, however, that because Tricos certificate of incorporation and bylaws
require many of the stockholder proposals to receive support from more than
two-thirds of the shares outstanding, not just the vote cast, it appears that
stockholder voices will not be heard.
Kistefos also said it was concerned that some of managements support
apparently came from stockholders participating in Tricos recent highly
dilutive debt exchange. Kistefos said
that the final results of the vote could not be disclosed until the proxies
were reviewed and certified by IVS Associates Inc., the independent Inspector
of Elections. The results will be announced after IVS completes its review.
I
would like to thank our fellow stockholders for their strong support of our
common goal of restoring value and investor confidence in Trico, said Christen
Sveaas, Chairman of Kistefos. Regardless of the outcome, we believe that
Tricos stockholders have sent a loud and clear message today: They are
demanding change. Had it not been for
Tricos unusually high two-thirds minimum vote requirement, we would have taken
a significant step in that direction today. We urge the Board to take immediate
steps to improve corporate governance policies and accountability at Trico to heed
the message of change delivered by their stockholders today. Throughout this
campaign, management continually attempted to distract stockholders with legal
diversions and personal attacks instead of acknowledging accountability for the
companys performance and proposing a strategy to reverse that trend. We will
continue to encourage the Trico Board to make positive changes to maximize
stockholder value and bring good corporate governance and accountability to the
company.
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.
Contacts
Investors
Okapi Partners LLC
Bruce Goldfarb/Pat McHugh/Steve Balet, 212-297-0720
or
Media
The Abernathy MacGregor Group
Tom Johnson/Chuck Burgess/Mike Pascale, 212-371-5999