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News Breaks | | | | September 26, 2012 | | 09:30 EDT |  | WTSLA | Proxy advisors recommend Wet Seal investors reject Clinton Group's efforts
The Wet Seal announced that two leading independent proxy advisors, Institutional Shareholder Services and Egan-Jones Proxy Services, have recommended that shareholders reject efforts by Clinton Group to replace six members of the Company’s Board of directors. In their rejection of Clinton Group’s attempt as dissident activists to replace all but one member of the current seven-person Board, ISS cited Clinton Group’s lack of detail or a coherent plan and commended the current Board’s recent positive decisions and the addition of new Directors. In rejecting all of Clinton Group’s proposals and endorsing the current Board, Egan-Jones noted: "…the Clinton Group failed to provide substantive new ideas or valid reasons to change the Company’s strategic direction which would lead to enhancement of stockholder value." | |
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