DOVER, Del., March 15, 2017 /PRNewswire/ -- TransPerfect minority owner Shirley Shawe has elected to vote her 1% ownership interest with co-owner Elizabeth Elting to break the board deadlock and effectively permit Ms. Elting to elect her own slate of candidates to the Board of Director of TransPerfect Global. Ms. Shawe has simultaneously has proposed changes to the director election process which permanently eliminate the possibility of board deadlock and render a sale of the company unnecessary, thereby protecting 4000 jobs. The process supported by Ms. Shawe will enable Ms. Elting to elect five new board members with staggered terms and the ability to break shareholder deadlock in future elections. Not only will current deadlock be defeated, but there will never be any potential for future deadlock.
Ms. Shawe said, "This is one of the most difficult decisions I've ever had to make, but this has gone on for too long, and there are too many people's lives on hold. The obvious answer lies in my share, so in the spirit of compromise and for the benefit of the corporation I will vote with Liz to elect directors and adopt a plan to ensure that director deadlock can never exist in the future. It is my hope that today's decision will allow the company to move forward. I hope that Ms. Elting will embrace this offer."
To remove the underlying justification for the Court's application of §226 of DGCL, Ms. Shawe confirmed that she will vote as necessary to adopt the changes and ensure that there will be no further director deadlock now or in the future.
The Board will be meeting shortly, and Ms. Shawe will call for a Shareholder Meeting to put forth her plan to support to Elting. If the Chancery allows this plan to move forward, it will not only end the deadlock, but end the Delaware litigation once and for all.
SOURCE Shirley Shawe