Newcastle drops proxy solicitation in response to Trico Marine’s poison pill

By Lisa Kerner

Charlotte, N.C., June 1 – Newcastle Partners, LP said it will drop its proxy solicitation and withdraw its nomination of an alternative minority slate of independent director candidates at Trico Marine Services, Inc.’s 2007 annual meeting.

Trico adopted a new rights plan, or poison pill, and suggested that Newcastle may be acting as a group with a large shareholder. Such group activities would trigger the poison pill.

“The company has sought to have it both ways by publicly criticizing the amount of Newcastle’s share ownership for benefit in the proxy contest while behind the scenes attempting to prevent Newcastle from acquiring additional shares and therefore a meaningful enough economic interest to continue with the proxy contest,” a Newcastle representative said in a company news release.

“We regret that Trico has used its newly implemented poison pill to attempt to deny stockholders a choice in the election of directors and silence any healthy debate regarding the future direction of Trico.”

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

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