Casey Capital Receives Overwhelming Shareholder Support for Change at Essex Rental
Both Dissident Nominees Receive Overwhelming Majority of Votes According to Preliminary Tabulation Results
Jun 09, 2015, 10:35 ET
NEW YORK, June 9, 2015 /PRNewswire/ -- Casey Capital, LLC (together with its affiliates and other participants in its solicitation, "Casey Capital"), beneficial owners of approximately 5.9% of the outstanding shares of common stock of Essex Rental Corp. (NASDAQ: ESSX) ("Essex" or the "Company"), today announced that both of Lee Keddie and John Climaco received an overwhelming majority of the votes at the 2015 Annual Meeting of Stockholders of Essex.
Kevin Casey, Manager of Casey Capital, the proponent of Lee Keddie and John Climaco, said, "We are grateful to our fellow Essex shareholders for their careful consideration of the issues and gratified that they have sent a resounding message of support for our efforts to drive meaningful change at Essex, bring true accountability to the Company's leadership, and restore shareholder value."
Lee Keddie, one of the dissident nominees, said, "The conclusion of this proxy contest marks not an end but a beginning. We look forward to working collaboratively with the continuing members of Essex's Board and the Company's hardworking, dedicated and talented employees to set Essex on a course to improve performance and restore shareholder value. Essex has tremendous inherent value and we are confident there is much we can and will do to refocus Essex and steer it in a new strategic direction."
Casey Capital continues to believe there is a tremendous opportunity to create shareholder value at Essex. The Company's cost cutting efforts will begin to bear fruit, and the addition of new Board members should enhance this process. The non-residential construction cycle continues to improve, and the passing of a long-overdue federal highway bill to fix the United States' crumbling infrastructure could vastly improve crawler crane utilization and rental rates.
Keating Muething & Klekamp is acting as legal advisor to Casey Capital.
About Casey Capital, LLC
Casey Capital is an investment manager based in Sherman, Connecticut, founded in 2002 by Kevin Casey. Casey invests in high quality but underperforming public companies that have multiple levers to unlock shareholder value. The firm seeks to engage with the management, boards, and shareholders of companies in a constructive dialogue in order to enhance shareholder value through improved operational efficiencies, strategic divestitures, capital structure optimization and increased corporate focus.
Cautionary Statement Regarding Opinions and Forward-Looking Statements
Certain information contained herein constitutes "forward-looking statements" with respect to Essex, which can be identified by the use of forward-looking terminology such as "may," "will," "seek," "should," "could," "expect," "anticipate," "project," "estimate," "intend," "continue" or "believe" or the negatives thereof or other variations thereon or comparable terminology. Such statements are not guarantees of future performance or activities. Due to various risks, uncertainties and assumptions, actual events or results or actual performance may differ materially from those reflected or contemplated in such forward-looking statements. The opinions of Casey Capital are for general informational purposes only and do not have regard to the specific investment objective, financial situation, suitability or particular need of any specific person, and should not be taken as advice on the merits of any investment decision. This material does not recommend the purchase or sale of any security. Casey Capital reserves the right to change any of its opinions expressed herein at any time as it deems appropriate. Casey Capital disclaims any obligation to update the information contained herein. Casey Capital and/or one or more of the funds it manages may purchase additional Essex shares or sell all or a portion of their shares or trade in securities relating to such shares.
Casey Capital, LLC
SOURCE Casey Capital, LLC
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