Lee Enterprises’ Nominees Supported by Second Leading Proxy Advisory Firm
2022年3月3日 - 9:22AM
Lee Enterprises Inc. (NASDAQ: LEE) (“Lee” or the “Company”), today
announced that independent proxy advisory firm Glass, Lewis &
Co., LLC (“Glass Lewis”) has recommended that Lee shareholders vote
on Lee’s WHITE proxy card “FOR” all of Lee’s director nominees.
With a similar recommendation from Institutional
Shareholder Services’ (“ISS”) announced yesterday, both leading
proxy advisory firms have rejected the “Withhold” campaign that
Alden Global Capital LLC (together with its affiliates, “Alden”) is
waging against two of Lee’s nominees.
The Lee Enterprises Board of Directors
commented:
“We urge shareholders to
ignore Alden’s disingenuous, self-serving campaign and support the
Lee nominees, consistent with the Glass Lewis and ISS
recommendations. Lee’s three nominees – Chairman Mary Junck, Lead
Independent Director Herb Moloney and CEO Kevin Mowbray – are key
leaders guiding the transformation and growth of our business. We
look forward to continuing to benefit from their experience,
valuable insights and hard work as we execute our strategy and
build value for all shareholders.”
In making its recommendation, Glass Lewis
noted1:
- “Upon review of the facts and circumstances surrounding this
campaign, we find significant cause to question Alden's actions and
we do not believe Lee's shareholders would be best served by
supporting its campaign.”
- “…[W]e find Lee's total shareholder returns have been strong in
recent periods, particularly since the BHMG acquisition and over
the last 12 to 18 months as the Company has reported
progress and measurable results on its transformation
strategy. Those results include industry-leading growth in
digital subscribers, digital advertising revenue and total digital
revenue, achieved under the current board and management's
strategy.”
- “…Alden's reputation and track record, stated view on how to
fix newspaper firms for the digital environment and recent
campaigns at two other newspaper companies suggest Alden is
attempting to advance its well-established agenda by seeking to
destabilize Lee's current leadership with hopes of acquiring the
Company on the cheap.”
- “Based on the strategy and results this board has delivered to
date since Lee embarked on its transformation process… we
see no reason to support efforts that would threaten to disrupt the
Company's progress or potentially enable an investor with
questionable intentions to seek to reap the benefits of this
strategy or the inherent value of Lee solely for itself.”
Lee’s Board urges shareholders to protect their
investment by voting “FOR” ALL the Board’s three
nominees using the WHITE proxy card. If you have
already returned a blue proxy card sent by Alden, you can change
your vote by signing, dating, and returning a
WHITE proxy card. Only your latest dated proxy
card will be counted.
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@investor.MorrowSodali.com
About Lee EnterprisesLee
Enterprises is a major subscription and advertising platform and a
leading provider of local news and information, with daily
newspapers, rapidly growing digital products and over 350 weekly
and specialty publications serving 77 markets in 26 states. Year to
date, Lee’s newspapers have average daily circulation of 1.0
million, and our legacy websites, including acquisitions, reach
more than 47 million digital unique visitors. Lee’s markets include
St. Louis, MO; Buffalo, NY; Omaha, NE; Richmond, VA; Lincoln, NE;
Madison, WI; Davenport, IA; and Tucson, AZ. Lee Common Stock is
traded on NASDAQ under the symbol LEE. For more information about
Lee, please visit www.lee.net.
Forward-Looking StatementsThe
information provided in this press release may include
forward-looking statements relating to future events or the future
financial performance of the Company. Because such statements are
subject to risks and uncertainties, actual results may differ
materially from those expressed or implied by such forward-looking
statements. Words such as “aims,” “anticipates,” “plans,”
“expects,” “intends,” “will,” “potential,” “hope” and similar
expressions are intended to identify forward-looking statements.
These forward-looking statements are based upon current
expectations of the Company and involve assumptions that may never
materialize or may prove to be incorrect. Actual results and the
timing of events could differ materially from those anticipated in
such forward-looking statements as a result of various risks and
uncertainties. Detailed information regarding factors that may
cause actual results to differ materially from the results
expressed or implied by statements in report relating to the
Company may be found in the Company’s periodic filings with the
SEC, including the factors described in the sections entitled “Risk
Factors,” copies of which may be obtained from the SEC’s website at
www.sec.gov. The Company does not undertake any obligation to
update forward-looking statements contained in this press
release.
Investor ContactIR@lee.net(563)
383-2100
Media ContactJamie Tully/Jenny
GoreSard Verbinnen & CoLee-SVC@sardverb.com
1 Glass Lewis report, March 2, 2022. Permission to
use quotes neither sought nor obtained. Emphasis added.
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