AMG Investments says LNB Bancorp tried to limit shareholder's proposals at special meeting

By Lisa Kerner

Charlotte, N.C., Feb. 22 - LNB Bancorp Inc. shareholder AMG Investments, LC said it believes LNB's proxy statement filed on Feb. 5 "attempted to re-word, limit and bar AMG's proposals as written in its solicitation statement and preliminary proxy statement."

AMG called LNB's notice "deficient" and said the company is not entitled to limit the purpose and proposals at the special meeting, it was reported in a schedule 13D filing with the Securities and Exchange Commission.

As a result, AMG filed its own notice of the special meeting including the proposals outlined in its solicitation and preliminary proxy statements.

In addition, the investor distributed 270,000 shares of LNB stock to its members in a pro-rata distribution on Feb. 15, following a meeting with the Federal Reserve System's Board of Governors.

AMG, with a 4.5% ownership interest in LNB, has twice demanded that LNB hold a special meeting of stockholders.

On Feb. 5, LNB announced it would hold a special meeting at 10 a.m. ET on March 18.

LNB is the holding company for the Lorain National Bank in Lorain, Ohio.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.