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Point Blank cites third proxy advisory firm's support for company's incumbent directors
By Lisa Kerner
Charlotte, N.C., Aug. 15 - Point Blank Solutions, Inc. said Proxy Governance, Inc. recommends the company's shareholders vote for Point Blank's slate of nominees on Aug. 19.
According to Point Blank, two other proxy advisory firms, RiskMetrics/ISS and Glass Lewis & Co., also recommended that the company's incumbent directors be elected.
"This is now the third independent proxy advisory firm that has publicly endorsed the Point Blank slate of directors this week," the chairman of Point Blank's board of directors, William Campbell, said in a news release.
"The message is quite clear - this board is the right choice and continues to represent the interests of all shareholders," Campbell added.
In February, Steel Partners II, LP announced its slate of nominees for election to Point Blank's board. They are James R. Henderson, Terry R. Gibson, Merrill A. McPeak, Robert Chefitz and Bernard C. Bailey.
Steel Partners, in a prior statement, encouraged shareholders to vote the gold proxy card for its nominees, citing Point Blank's recently announced "appalling" second-quarter 2008 financial results.
It was previously reported that Point Blank has not held an annual meeting in three years. The company was ordered by the Delaware Court to hold the annual meeting no later than Aug. 19.
On April 8, Point Blank postponed its 2008 annual meeting until Aug. 19 from April 22 and said the board will explore strategic alternatives, including a possible sale of the company, with the assistance of Wachovia Securities, a prior news release noted.
The company previously rejected Steel Partners' Oct. 30 offer to acquire Point Blank for $5.50 cash per share.
Point Blank is a Pompano Beach, Fla., producer of body armor systems for law enforcement and the military.
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