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PHH shareholder urges shareholders to vote at annual meeting on June 10
By Susanna Moon
Chicago, March 30 - PHH Corp. investor Pennant Capital Management LLC urged shareholders to vote at the company's 2009 annual meeting on June 10, according to a press release.
Pennant said PHH stockholders should move their shares into a cash account before the April 22 record date to ensure they can vote at the meeting.
The shareholder noted that investors who are "long" PHH through equity swaps do not have the right to vote shares. To be able to vote, Pennant said investors should begin the process of unwinding any swaps and moving into physical shares so that the transaction settles in advance of the April 22 record date.
Investors who are invested in PHH through swap, or who are interested in adding to their ownership of PHH, should complete any purchases by April 17 in order to allow for trade settlement by the record date, Pennant said.
On March 9, investors led by Pennant said they intend to nominate Allan Loren and Greg Parseghian for election as directors at the company's 2009 annual meeting of stockholders.
Loren is the former chairman of Dun & Bradstreet Corp., and Parseghian is the former chief executive officer of Freddie Mac.
Pennant, a 9.97% shareholder, said in a 13D filing with the Securities and Exchange Commission that it believed that PHH's current depressed market valuation reflects a dim view of the company's stewardship by its board.
In November, Pennant wanted PHH to add Parseghian to its board and to form a special committee, which would include Parseghian, to review strategic alternatives for the company.
PHH is an outsource provider of mortgage and vehicle fleet management services.
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