Trico Marine's largest shareholder says remove poison pill

By Lisa Kerner

Charlotte, N.C., May 4 - Trico Marine Services, Inc.'s largest shareholding, Kistefos AS, with a 20.2% stake in the company, once again urged the company's board to "pursue policies which we believe would enhance shareholder value."

For almost a year, the shareholder has been asking the company to:

• Return cash to shareholders through a special dividend or stock buy back program;

• Expand its revenue base;

• Consider a sale of the company.

Kistefos also expressed "extreme opposition to Trico's April 9 adoption of a poison pill plan, according to a letter to the company included as part of a schedule 13D filing with the Securities and Exchange Commission.

"Not only does the poison pill discriminate particularly against Kistefos in that it prevents us alone among all shareholders from acquiring more shares, it also does not in any way benefit our fellow shareholders. The principal purpose of the poison pill is to insulate and entrench the incumbent board and management, thereby making you less accountable to us, the shareholders," the letter stated.

"Following the adoption of your plan, any group of shareholders that includes Kistefos and gathers enough votes to make a difference risks being labeled a group, triggering the pill, having its vote taken away and the value of its investment significantly and wrongfully diminished."

Kistefos urged Trico's independent directors to rescind the pill and put shareholder value first.

Trico Marine is a Houston-based provider of marine support services to the oil and gas industry.

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