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June 19, 2014
05:23 EDTBAABanro Corporation receives recommendation by Glass Lewis
Banro Corporation announced that in its report issued on June 18, Glass Lewis recommended shareholders vote FOR all of management's director nominees on the company's BLUE proxy card and DO NOT VOTE on the green dissident proxy. In their report, Glass Lewis states that Banro has been "proactive in making positive governance changes," and cites the addition of four new independent directors and a new independent chairman within the past 12 months as reasons to support management's nominees. Likewise, Glass Lewis alludes to Liberty Street's failure to "put forth any sort of cogent operational and/or strategic plan to improve the company's performance" and their "miniscule equity stake" acquired after the Record Date as reasons NOT to vote on the green dissident proxy. Glass Lewis also notes that they "believe the company has made a number of positive operational moves in the past year that could enhance the overall outlook for the company and its shareholders." This is the second independent proxy advisory firm to announce their support for management, as Institutional Shareholder Services also recommended shareholders vote FOR Banro's nominees.
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