Premier Exhibitions shareholder Sellers Capital gets enough consents to change board

By Lisa Kerner

Charlotte, N.C., Jan. 20 - Premier Exhibitions, Inc.'s largest shareholder, Sellers Capital LLC, said it received enough shareholder consents to elect its four nominees to the company's board of directors.

Sellers Capital said it has received - and delivered to Premier Exhibitions - consents representing 52% of the company's outstanding shares. Shareholders who have not yet provided consents are urged by Sellers Capital to do so.

On Tuesday, Sellers Capital called on Premier Exhibitions' special committee and chief executive officer Arnie Geller to honor the consent solicitation results.

As previously reported, Premier Exhibitions urged its shareholders not to submit a consent solicited by Sellers Capital in connection with its attempt to have Christopher J. Davino, William M. Adams, Jack Jacobs and Bruce Steinberg elected to the board.

Premier Exhibitions said Sellers Capital proposes that its four nominees and two designees as well as the company's other independent directors each be paid an annual retainer equal to $100,000 plus meeting fees and out-of-pocket expenses, according to a prior news release.

Sellers Capital and its affiliates beneficially own 4,778,399 shares, or approximately 16.3%, of Premier Exhibitions.

The Atlanta-based company develops tour exhibits and operates as the salvor-in-possession of the Titanic shipwreck.

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