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Genesis Announces that Leading Independent Proxy Advisory Firm ISS Recommends Shareholders Vote the WHITE Management Proxy
ISS Concludes "No Basis for Wholesale Board Change." CALGARY , Aug. 1, 2013 /CNW/ ...
About this update from Genesis Land Development Corp.
[{"type":"text","content":"\n\n\nISS Concludes \"No Basis for Wholesale Board Change.\"\n\n\nCALGARY, Aug. 1, 2013 /CNW/ - Genesis Land Development Corp. (TSX: GDC)\n (the \"Corporation\" or \"Genesis\") announced today that Institutional\n Shareholder Services (\"ISS\") has recommended shareholders vote for the\n management nominees listed on the WHITE proxy.\n\n\nISS is a leading independent provider of proxy research and corporate\n governance advice to institutional investors around the world.  Their\n analyses and recommendations are relied upon by many major\n institutional investment firms, and mutual funds throughout North\n America\n\n\nIn its report, ISS said that based on its analysis \"…there appears to be no basis for a wholesale board change,\" and since 4 out of 8 management nominees are also dissident nominees - \"…dissident views will be adequately represented.\"\n\n\nISS also addressed some of the dissident's criticisms and pretext for\n initiating this action, noting that \"the dissidents have provided no assurances about specific governance\n improvements.\"  Furthermore, ISS observed that 7 out 8 management nominees own\n Genesis shares.\n\n\nMichael Brodsky, Chairman of the Genesis Board, responded to the ISS\n report saying, \"We are gratified to receive ISS' independent\n third-party endorsement of our proposed nominees.  We agree with ISS'\n assessment that the minority dissident group led by Smoothwater Capital\n has failed to make a case for change, and has not presented\n shareholders with an alternate plan.  I strongly encourage all\n shareholders to vote their WHITE proxy today to ensure the election of an independent and representative\n board.\"\n\n\nPlease cast your vote using only the WHITE proxy today in support of the management nominees and disregard any\n materials you may receive from the dissidents. In order to be counted,\n your vote must be submitted before 9 a.m. (Mountain Daylight time) on August 8, 2013.  Vote your WHITE proxy prior to the cut-off regardless of whether you plan to attend the\n meeting in person.\n\n\nFor up-to-date information and developments, we encourage all\n shareholders to visit www.DefendGenesis.com. Casting your vote is easy, simply click the \"Vote Here Now\" button and\n enter the control number located on your WHITE proxy.\n\n\nPlease disregard ...