CHICAGO, April 19, 2012 /PRNewswire/ -- The SEC ruled on April 17, 2012 that the proxy proposal submitted by Mr. Ronald L. Chez, an owner of 9.2% of RGEN's stock, cannot be excluded from Repligen's (Nasdaq: RGEN) proxy statement.
The proposal calls for shareholders to be able to call a special meeting with a 20% favorable vote, rather than the 50% requirement currently in place.
Mr. Chez said, "I believe this proposal will be beneficial for Repligen and its shareholders to help assure that the Board is acting in alignment with shareholder interests and concerns, and consistent with the steps necessarily to build a successful operating company. Amongst other actions, the Board needs to implement multi variable compensation plans that directly reward management performance that will benefit shareholders, i.e. profit, return on equity, stock price, etc."
Mr. Chez continued, "Repligen has a significant opportunity to finally achieve important, positive results that can benefit patients, Repligen employees and shareholders."
SOURCE Ronald L. Chez