Business
Lee Enterprises Comments on Delaware Court of Chancery Ruling In Favor of Lee and Against Alden Global Capital
Court Rules Lee Board’s Decision Was Reasonable and Justified Alden May Not Nominate Directors to Lee’s Board This Year Lee’s Board of Directors Continues to
About this update from Lee Enterprises, Incorporated
[{"type":"text","content":"Court Rules Lee Board’s Decision Was Reasonable and Justified Alden May Not Nominate Directors to Lee’s Board This Year Lee’s Board of Directors Continues to Urge Shareholders to Vote FOR its Three Highly Experienced Nominees on Lee’s WHITE Proxy Card DAVENPORT, Iowa., Feb. 15, 2022 (GLOBE NEWSWIRE) -- Lee Enterprises, Incorporated (NASDAQ: LEE) (“Lee” or the “Company”) today announced that the Delaware Chancery Court has upheld the decision by Lee’s Board of Directors to reject the director nomination notice submitted by Alden Global Capital, LLC (together with its affiliates, “Alden”). In the decision, the Vice Chancellor noted, among other things, that Lee’s Board of Directors “acted reasonably in enforcing a validly adopted bylaw with a legitimate corporate purpose” and that Alden “could easily have met the bylaw’s record holder and—by extension—form requirements had it not delayed” in preparing its nomination notice. As a result of the Court’s ruling, Alden’s director nominations will be disregarded, and no proxies or votes in favor of its purported nominees will be recognized or tabulated at Lee’s 2022 Annual Meeting of Shareholders on March 10. Lee’s Board of Directors issued the following statement: “We are pleased that the Delaware Court of Chancery has affirmed the importance of orderly annual shareholder meetings and confirmed the decision by the Lee Board of Directors to reject as invalid the notice of nominations delivered by Alden. Based on the ruling of the Vice Chancellor, Lee will not recognize Alden’s nominations, and any proxies submitted, or votes cast, for the election of Alden’s director candidates will be disregarded. “We urge shareholders to vote FOR all three of Lee’s proposed nominees – Mary E. Junck, Herbert W. Moloney and Kevin D. Mowbray – at our Annual Meeting to support the continued execution of Lee’s digital growth strategy.” Lee shareholders are encouraged to visit https://investors.lee.net/2022-annual-meeting to view Lee’s proxy materials and additional information regarding the 2022 Annual Meeting. If you have any questions or require any assistance in voting your shares, please contact Lee’s proxy solicitor: Morrow Sodali LLC509 Madison Avenue Suite 1206New York, NY 10022Shareholders Call Toll Free: 800-662-5200Banks, Brokers, Trustees, and Other Nominees Call Collect: 203-658-9400Email: LEE@...