Tecumseh Products must keep voting results under wraps under agreement with dissident shareholder

By Lisa Kerner

Charlotte, N.C., Nov. 20 - Tecumseh Products Co. said the voting results from its Nov. 21 special meeting of class B shareholders will not be made public until the results have been certified by the inspectors of election and a final report has been issued.

The process of examining the proxies and ballots submitted by Tecumseh's class B shareholders is expected to be completed in early December, a company news release said.

Tecumseh said it cannot make the vote public prior to the final report under its agreement with the Herrick Foundation, the dissident shareholder in a proxy contest with the company.

In addition, neither Tecumseh nor Herrick may discuss any matter relating to the Nov. 21 special meeting with members of the investment community or media until the final report has been issued, according to the release.

Tecumseh was court ordered to hold the special meeting in response to a complaint filed in June by the Herrick Foundation.

On the special meeting agenda was Herrick Foundation's proposal seeking the removal of Peter Banks and David Risley from the company's board of directors as well as the election of their replacements.

Herrick Foundation president Todd Herrick was formerly chairman and chief executive officer of Tecumseh. He was removed by the board in 2007.

Proxy advisory firms RiskMetrics Group/ISS, Proxy Governance, Inc. and Glass, Lewis & Co. recommended that Tecumseh shareholders reject Herrick's proposal.

Tecumseh Products, based in Tecumseh, Mich., manufactures compressor and other products.

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