Business
Second Independent Proxy Advisory Firm, Glass Lewis, Recommends Genesis Shareholders Vote the WHITE Management Proxy
Genesis reminds shareholders to vote the WHITE proxy before  August 8 th C...
About this update from Genesis Land Development Corp.
[{"type":"text","content":"\n\n\nGenesis reminds shareholders to vote the WHITE proxy before  August 8th\n\n\nCALGARY, Aug. 6, 2013 /CNW/ - Genesis Land Development Corp. (TSX: GDC)\n (the \"Corporation\" or \"Genesis\") announced today that Glass, Lewis &\n Co., LLC (\"GL\") has recommended shareholders vote for the management\n nominees listed on the WHITE proxy.\n\n\nGL is a leading independent source of proxy research and corporate\n governance advice to institutional investors around the world. GL's\n analyses and recommendations are relied upon by major institutional\n investment firms and mutual funds throughout North America.\n\n\nIn its report, GL concludes that the dissident \"…ultimately has not put forth a compelling argument to justify the complete board overhaul\n that it pursues.\"\n\n\nGL shares Genesis' concerns about the independence of the dissident\n slate, noting: \"In our view, a board fully controlled by the Dissident, comprised of\n multiple individuals with ties to the Dissident itself and others\n connected through previous business ventures, would not foster an\n independently-minded, well-functioning board.\"\n\n\nGenesis' management nominees have also been endorsed by Institutional\n Shareholder Services (\"ISS\"), another leading independent third-party\n proxy advisory firm. ISS concluded there is \"no basis for a wholesale board change\", and \"dissident views would be adequately represented\" with four board seats.\n\n\nShareholders: Vote the WHITE Proxy Before August 8th.\n\n\nTime is running out to cast your WHITE proxy for an independent and representative Board of Directors for\n Genesis Land Development. It is imperative that you vote for ALL of the management nominees using the WHITE proxy previously sent to you.\n\n\nIf you have already voted a dissident proxy, a later-dated WHITE proxy supersedes any previously submitted vote. Vote your WHITE proxy before August 8th regardless of whether you plan to attend the meeting in person.\n\n\nAs shareholders are aware, your Board made every effort to avoid a proxy\n contest.  The Board offered the dissident group several concessions,\n including four of eight board seats. Though the dissidents rejected the\n offer, the Board still placed three dissident representatives and one\n dissident-recommended independent nominee on the management slate.\n\n\nDur...