Lloyd I. Miller III Announces Voting Intention for Genesis Land Development Shareholder Meeting
WEST PALM BEACH, Fla., May 11, 2015 /PRNewswire/ -- As a beneficial owner of approximately 11% of the outstanding common shares of Genesis Land Development Corp., Mr. Lloyd I. Miller III announces his voting intention for the meeting of shareholders scheduled to be held on Thursday, May 14, 2015. Mr. Miller is solely announcing his voting intention and is not soliciting votes of any other shareholder.
As previously announced, Mr. Miller intends to withhold his vote from Stephen Griggs, the current Chair of the Board, as a director of Genesis Land Development Corp. The reasons that Mr. Miller intends to withhold his vote from Stephen Griggs are as follows:
- The share price of Genesis has fallen markedly over the last 6 months.
- In addition to being the Chair of the Board of Genesis, Mr. Griggs is the CEO of Smoothwater Capital Corporation, the largest shareholder of Genesis.
- Mr. Miller is concerned about potential conflicts between the duties owed by Mr. Griggs to Genesis and to Smoothwater.
- Smoothwater entered into a standstill agreement with Genesis in August 28, 2013 that expires shortly.
- In Mr. Miller's view, with respect to governance, Mr. Griggs' position with Smoothwater Capital, Smoothwater's history with Genesis that included litigation in Alberta, the potential for conflicts, and the possible impact on Mr. Griggs' ability to make fully independent board decisions, add up in favour of Mr. Griggs not being a director.
- Despite the falling share price, significant withhold votes at the prior shareholder meeting, and the imminent expiration of the standstill agreement between Genesis and Smoothwater, and despite opportunities to do so, Mr. Griggs as Chair of the Board has not announced any initiatives to engage with shareholders of Genesis other than Smoothwater.
CONTACT: Eric W. Fangmann
3300 S. Dixie Highway, Suite 1-365
West Palm Beach, FL 33405
Phone: (561) 287-5399
[email protected]
SOURCE Lloyd I. Miller III
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