Independent proxy advisory firms recommend shareholders support Coalcorp's
proposed transaction
Both the Institutional Shareholder Services Inc. unit of RiskMetrics Group and Glass Lewis & Co. have issued reports recommending shareholder support for the Proposed Transaction. The two firms conduct detailed analysis of corporate proposals and major investors rely on their recommendations in making their decisions about corporate governance and transactions.
As announced on
In its report, RiskMetrics Group noted that the Coalcorp "board undertook a comprehensive review of alternatives. No competing offers have emerged. In the circumstances, support is warranted."
Glass Lewis & Co. also supports the proposed transaction. It notes that the new management team, a committee of independent directors, and the board conducted a lengthy and rigorous review of strategic alternatives. It states: "We believe that the proposal is in the long-term interest of the Company. The board believes that in the event the Proposed Transaction is not completed, and in light of the Company's current financial condition, it is likely that it will have to seek creditor protection or commence insolvency proceedings. Such an outcome could result in the Company conducting a sale of assets which results in a lower amount of cash than the proposed transaction. Accordingly, we recommend that shareholders vote FOR this proposal."
"We believe it is important that all shareholders be informed that, after an independent and comprehensive review, RiskMetrics and Glass Lewis have both recommended that Coalcorp shareholders vote "FOR" the proposed transaction," said
"These recommendations clearly support Coalcorp's position that the proposed transaction offers superior value to shareholders", said
Coalcorp urges shareholders to vote "FOR" the Proposed Transaction today by voting on the internet, telephone or signing, dating and returning their proxies. The deadline for receiving proxies is
Shareholders who have questions about the Proposed Transaction or need assistance in submitting their proxy or voting their shares should contact
NOTE: Permission to quote from the RiskMetrics Group and Glass Lewis & Co. reports was neither sought nor obtained
About Coalcorp --------------
Coalcorp is a coal mining, exploration and development company with interests in the La Francia coal mine and related infrastructure projects and a number of coal exploration properties, all located in
Forward Looking Statements Disclaimer -------------------------------------
Statements made in this news release may be forward-looking and therefore subject to various risks and uncertainties. Certain material factors or assumptions are applied in making forward-looking statements and actual results may differ materially from those expressed or implied in such statements. Coalcorp does not undertake to update any forward-looking statements; such statements speak only as of the date made.
For further information: Juan Carlos Gomez, Interim Chief Executive Officer, +57-1-658-5050 Ext: 9990; Shareholder Information, Laurel Hill, Advisory Group, 1-800-503-9439
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