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News Breaks | | | | September 28, 2012 | | 05:39 EDT |  | WTSLA | Wet Seal issues letter to shareholders on dissident investor’s approach
Wet Seal announced that it has issued a letter to the company’s shareholders commenting on Clinton Group’s misguided attempts to make wholesale changes to the company’s Board of Directors. The letter reads: "Yesterday we announced that two leading independent proxy advisors, Institutional Shareholder Services, or ISS, and Egan-Jones Proxy Services, both agreed with our recommendation that you should reject efforts by Clinton Group to replace six experienced members of your Board with new Directors hand-picked by a short-term dissident investor. It is abundantly clear that, consistent with their track record, Clinton Group is focused on short-term activism rather than the long-term interests of all shareholders. Neither Clinton Group nor any of its proposed Board nominees appear to have any specific strategy for the Wet Seal business, nor do they appear to have any direct teen, fast fashion experience. We question whether the highest quality Board members can be sourced by the Clinton Group given its reputation and in the context of a contentious consent solicitation process. We are confident that in the upcoming quarters you will see the significant financial impact of this Board’s focus and stewardship." | |
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