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Premier Exhibitions asks shareholders to reject attempt by Sellers Capital to gain board representation
By Lisa Kerner
Charlotte, N.C., Dec. 31 - Premier Exhibitions, Inc. urged its shareholders not to submit a consent solicited by Sellers Capital LLC, its largest shareholder, in connection with Sellers Capital's bid to have its four nominees elected to Premier Exhibitions' board of directors.
According to Premier Exhibitions, the consent solicitation undertaken by Sellers Capital is not in the best interests of Premier Exhibitions or its shareholders.
The company said it has also filed a preliminary consent revocation statement with the Securities and Exchange Commission.
Sellers fires back
In a statement, Sellers Capital called Premier Exhibitions' filing "sloppy" and said it was "filled with false and misleading statements."
The 16.3% shareholder disagrees with Premier Exhibitions' assertion that its chief financial officer, Bud Ingalls, supports the company's filing or its solicitation. Ingalls has submitted his resignation due to his inability to work with chairman and chief executive officer Arnie Geller, Sellers Capital said.
It was previously reported that Sellers Capital called for Geller's resignation in November.
Sellers Capital once again called on the board's special committee to disclose its findings related to allegations involving Geller.
Premier Exhibitions shareholders of record as of Dec. 18 were urged to assist Sellers Capital in electing Christopher J. Davino, William M. Adams, Jack Jacobs and Bruce Steinberg to the company's board, according to the statement.
D.F. King & Co., Inc. (800 735-3107) is Premier Exhibitions' consent revocation solicitation agent.
Sellers Capital retained the Altman Group (866 828-6934) to solicit consents.
Premier Exhibitions, located in Atlanta, develops tour exhibits and operates as the salvor-in-possession of the Titanic shipwreck.
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