CLEVELAND, May 26, 2015 /PRNewswire/ -- Ancora Advisors LLC announced today that in light of the overwhelming shareholder (non-insider) support of its shareholder proposal to develop a plan to collapse Rush Enterprises' dual-class share structure, Ancora will continue to pursue all available means to defend the rights of Rush's minority shareholders.
Ancora is encouraged that despite the defeat of the proposal, the narrow margin of votes against the proposal suggests that the vast majority of independent shareholders voted in the affirmative. Rush's Class B shares represents approximately 25% of the total shares outstanding, but 87% of the total vote. Rush family members and other insiders hold approximately 12% of the Company's shares, yet control approximately 31% of the vote. In considering only votes cast either for or against the proposal, Rush received support of only 25% of the non-insider voting shares, while Ancora's proposal received support of approximately 75% of the eligible non-insider votes cast.
As part of keeping all alternatives open for the 2016 shareholders meeting, Ancora may consider submitting a similar proposal on its own proxy materials and/or seek board representation.
Ancora would like to thank all Rush shareholders that cast their votes for the elimination of Rush's inequitable share class structure.
About Ancora Advisors
Ancora Advisors LLC is a registered investment adviser with the Securities and Exchange Commission of the United States. Ancora offers comprehensive investment solutions for institutions and individuals in the areas of fixed income, equities, global asset allocation, alternative investments and retirement plans. A more detailed description of the company, its management and practices are contained in its "Firm Brochure" (Form ADV, Part 2A). A copy of this form may be received by contacting the company at: 6060 Parkland Boulevard, Suite 200 Cleveland, Ohio 44124, Phone: 216-825-4000, or by visiting the website, www.ancora.net/adv
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SOURCE Ancora Advisors LLC