CLEVELAND, March 29, 2017 /PRNewswire/ -- Clutterbuck Capital Management announced today that it has issued an open letter to shareholders of CIB Marine Bancshares (OTCMKTS: CIBH) with details of its proposal to CIB Marine.
March 29, 2017
To the Common Shareholders of CIB Marine:
Clutterbuck Capital Management (CCM) is one of CIB Marine Bancshares (CIB) largest investors, owning a significant amount of Series A & B convertible preferred securities.
This link (http://clutterbuckcapmgmt.com) details a proposal CCM sent to the CIB Marine Bank Board in December 2016. CCM asks you to carefully review this proposal, reach your own conclusion on the course that is most advantageous for you, and make your voice heard.
CCM believes implementation of this proposal would result in a very positive outcome for CIBM's shareholders. CCM further believes, without approval of our proposal or one virtually identical, that shareholders would ultimately receive not only much less than CCM's proposal but potentially much less than the current market.
CCM believes that, if the Common Shareholders clearly support this proposal, even CIB's Board will have no choice but to act in your best interests. The choice is yours. CCM asks you to carefully read through this proposal. If you believe CIB should pursue CCM's proposal, CCM asks you to strongly express your views to CIB Marine's CEO, Brian Chaffin.
If there are any questions, please call us directly at 216.539.1181.
Robert T. Clutterbuck
Clutterbuck Capital Management
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SOURCE Clutterbuck Capital Management