Sevcon Announces Glass Lewis Recommendation FOR Board Proposals at Annual Meeting
27 Janeiro 2017 - 4:24PM
Sevcon, Inc. (Nasdaq:SEV) today announced that Glass Lewis, a
respected advisor on proxy voting matters, has recommended that
Sevcon stockholders vote FOR all the Board of Directors’ proposals
at the upcoming annual meeting, including FOR the proposed
amendment to the charter to declassify the Board and FOR all the
Board’s nominees for director. Glass Lewis recommended that
stockholders NOT vote for any of the nominees of the dissident,
Ryan Morris, and his Meson hedge funds.
In making its recommendations to support the Board’s proposals,
Glass Lewis said that the dissident had not made a compelling case
that the Board has failed to properly oversee the Company’s
direction, nor had he presented a realistic plan to improve the
Company’s performance. Indeed, Glass Lewis agreed with Sevcon’s
Board that Mr. Morris’s actions “tend to point more to an
unjustified power grab.”
Matt Boyle, Sevcon’s CEO, said, “We are gratified that an
important, independent proxy advisory firm has seen through what we
know to be Ryan’s persistent misstatements and baseless attacks on
a dedicated Board and employee team. We urge our stockholders to
vote their proxies in support of the Board so that we can move past
this unfortunate distraction and focus all our efforts on
optimizing the value of our stockholders’ investment in our
Company.”
Separately, Sevcon announced that Dr. Marvin G. Schorr, the
Company’s Founder, a director, and the holder of 6.7% of the voting
shares, has voted FOR the Board’s proposals and nominees.
Stockholders should vote via the internet or telephone by
following the instructions on the WHITE proxy card
they have received, or by returning the WHITE
proxy card, signed and dated, as soon as possible.
If you have any questions about voting
your shares, please call The Proxy Advisory Group,
which is assisting Sevcon, at (888) 616-2620.
About SevconSevcon is a global supplier of
control and power solutions for zero-emission, electric and hybrid
vehicles. Its products control on- and off-road vehicle speed and
movement, integrate specialized functions, optimize energy
consumption and help reduce air pollution. Sevcon’s Bassi Division
produces battery chargers for electric vehicles; power management
and uninterrupted power source systems for industrial, medical and
telecom applications; and electronic instrumentation for battery
laboratories. The company supplies customers from its operations in
the U.S., U.K., France, Germany, Italy, China and the Asia Pacific
region, as well as through an international dealer network. Learn
more about Sevcon at www.sevcon.com/.
Important Additional InformationSevcon, Inc.,
seven of its directors and its executive officers, and Marvin G.
Schorr are participants in the solicitation of proxies from Company
stockholders in connection with the matters to be considered at the
Company's 2017 Annual Meeting. Sevcon has filed a definitive
proxy statement and WHITE proxy card with the Securities and
Exchange Commission (“SEC”) in connection with such
solicitation. COMPANY STOCKHOLDERS ARE STRONGLY ENCOURAGED TO
READ THE DEFINITIVE PROXY STATEMENT AND ACCOMPANYING WHITE PROXY
CARD AS THEY CONTAIN IMPORTANT INFORMATION. Information
regarding the identity of the participants, and their direct or
indirect interests, by security holdings or otherwise, is set forth
in the proxy statement and other materials filed with the
SEC. Shareholders can obtain any proxy statement, any
amendments or supplements to the proxy statement and other
documents filed by the Company with the SEC for no charge at the
SEC's website at www.sec.gov, by request to Sevcon, Inc., 155
Northboro Road, Southborough, MA 01772 Attn: Corporate Secretary,
telephone: (508) 281-5500, or from the Company's website,
http://ir.sevcon.com/sec.cfm.
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