GREENVILLE, S.C., Jan. 30, 2015 /PRNewswire/ -- The Special Committee of the Board of Directors (the "Special Committee") of JPS Industries, Inc. (OTC: JPST) (the "Company") today announced that it had stopped an attempt by Steel Partners Holdings, L.P. ("Steel Partners") to prevent the JPS Pension Plan from voting its shares of JPS stock at the 2015 Annual Meeting of Stockholders to be held on February 19, 2015.
Steel Partners had filed a lawsuit against the Company, the members of the Special Committee and other parties on Monday, January 26, 2015 seeking, among other things, to schedule an injunction hearing to (i) prevent the Company's pension plan from freely voting its shares of Company stock at the 2015 Annual Meeting or, alternatively, (ii) prevent the seating of any directors voted at the 2015 Annual Meeting until resolution of the lawsuit. The suit is a tactical step in Steel Partners' attempts to acquire the Company at a below market value by electing its own slate of director nominees at the 2015 Annual Meeting.
On January 29, 2015, in a ruling from the bench, the Vice Chancellor of the Delaware Court of Chancery declined to schedule a hearing prior to the 2015 Annual Meeting to hear Steel Partners request for a pre-meeting injunction. As a consequence, the pension plan, as owner of shares of Company stock, is free to vote its shares at the 2015 Annual Meeting. The Special Committee expects that the investment committee of the pension plan will exercise its fiduciary duties when deciding how to vote at the 2015 Annual Meeting. The Special Committee will continue to defend against Steel Partners' efforts in court, and the 2015 Annual Meeting will continue as planned.
Contact: JPS Industries Investor Relations - 864-239-3900
SOURCE JPS Industries, Inc.