JANA Partners Announces Material Withhold Votes at Houston Exploration as a Message to the Board
28 Abril 2006 - 2:03PM
PR Newswire (US)
NEW YORK, April 28 /PRNewswire/ -- JANA Partners LLC ("JANA")
announced that, based on indications at the 2006 annual meeting of
shareholders of The Houston Exploration Company ("Houston
Exploration" or the "Company") (NYSE:THX) held today, a substantial
percentage, in excess of 30%, of the votes represented at the
meeting were withheld by shareholders from approval of the
reelection of incumbent directors. JANA had urged shareholders to
withhold their votes in order to send a message to the Board of the
Company to put the proceeds of a recently announced asset sale to
work for shareholders through the prompt repurchase of a
substantial portion of the Company's outstanding shares. This
overwhelming support is evidenced by comparison to the results from
last year's annual meeting where shareholders representing only a
total of approximately 4-7% of the shares of the Company withheld
their vote for the election of directors. JANA called on the
Company to immediately release the final results of the vote from
today's meeting. Barry Rosenstein, Managing Partner of JANA, stated
"Despite JANA having begun less than a week ago to ask fellow
shareholders to join it in its campaign to withhold votes for the
election of directors at Houston Exploration, the overwhelming
support we received speaks volumes about the level of shareholder
dissatisfaction. We urge the Board to listen to this clear and
unambiguous message from the owners of the Company that it take
steps to maximize shareholder value. More specifically, the Company
must not squander the proceeds of the recently announced asset
sale, but put those proceeds to work for shareholders through a
significant share repurchase." He continued, "Shareholders will be
watching to see whether the Board pays attention. If it doesn't, we
expect to see a change in the Board next year." JANA is a hedge
fund with in excess of $5 billion in assets with offices in New
York and San Francisco and owns approximately 9% of the outstanding
shares of Houston Exploration. DATASOURCE: JANA Partners LLC
CONTACT: JANA Partners LLC, +1-212-692-7696
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