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Stock Market & Financial Investment News

News Breaks
November 30, 2012
13:02 EDTBCPCBalchem boosts annual dividend 22% to 22c per share
Balchem Corporation announced that its board has declared a dividend on its shares of common stock equal to 22c per share, payable on December 21 to holders of record on December 14. This dividend reflects a 22% increase over the prior year cash dividend.
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April 3, 2014
13:43 EDTBCPCSensient says FrontFour makes false, misleading statements about director
Sensient Technologies (SXT) issued a response to what it called, "an erroneous press release issued by FrontFour Capital Group alleging that Sensient Director Dr. Elaine R. Wedral has a conflict of interest based on her service as a director of Balchem Corporation (BCPC)." Sensient said that on March 28, Balchem had already announced Wedralís retirement from the Balchem board of directors. FrontFourís Stephen Loukas wrote a letter to Sensientís board claiming that Dr. Wedral, Sensientís soon-to-be lead director, has a conflict of interest that would require her to resign from Sensientís board. Today, Loukas and FrontFour issued a press release reiterating the points made in Loukasís letter. Sensient said that what both Loukas and FrontFour overlook or deliberately ignore is Balchemís announcement on March 28. The company said that, "[o]bviously, there is no conflict of interest here, let alone an antitrust violation." Sensient added that it believes, "this failure to notice Balchemís public disclosure of Wedralís retirement could be merely an act of breathtaking incompetence. Alternately, FrontFourís error could be a deliberate act to materially deceive Sensientís shareholders." Sensient said that its view is that Loukas and his team are utterly unfit to opine on matters of Sensientís corporate governance or anything else, and believes Sensientís shareholders should not vote for any of FrontFourís director nominees. Shares of Sensient are up 96c, or 1.72%, to $56.85 in afternoon trade.
13:38 EDTBCPCFrontFour expresses concerns over Sensient director Wedral
FrontFour Capital Group earlier today commented on Balchem Corporation's (BCPC) recent announcement to acquire Performance Chemicals & Ingredients, a privately held supplier of customized food and beverage ingredient systems, and a direct competitor of Sensient Technologies (SXT). Specifically, FrontFour noted that newly appointed lead independent director of Sensient, Dr. Elaine Wedral, who currently serves on the board of directors of Balchem, has an inherent conflict of interest in serving on the boards of two direct competitors. FrontFour believes Wedral's continued service on the board may be a violation of Section 8 of The Clayton Antitrust Act of 1914, as amended, as well as the company's Code of Conduct. FrontFour notes that under the company's by-laws, a shareholder is not permitted to nominate a person for election to the board without having such person affirm in writing that he or she is not an employee, director or affiliate of any competitor of the company and will comply with applicable law and the company's Code of Conduct, among other things. FrontFour questions whether the board's silence with respect to Wedral indicates that the board is willing to set different criteria for shareholder nominations of directors than those followed by the board.

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