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TXI shareholder aggressively seeks 3 seats on TXI Board
Jun, 30 2009
Shamrock Activist Value Fund To Seek Three Seats On Texas Industries
(Brussels, Belgium) -- Shamrock Activist Value Fund, L.P. (SAVP), which holds approx 8.9% shareholding, has sent a letter to Texas Industries, Inc. (TXI) submitting notice to the company of its plan to nominate three candidates for election to its Board of Directors at the company's 2009 annual shareholder meeting.
It is stated that TXI:
- Has a well documented record of underperformance as a result of poor management and inefficient capital allocation.
- Has not held management accountable for operational failures and has not linked managers compensation to performance.
- Has a disconcerting record of overpromising and underdelivering.
- Has not taken meaningful steps to the 49% vote against TXI Directors in 2008.
- Continues to maintain a 10 year “poison pill” without a shareholder vote.
- Has a insular network of long-term Board members who do not communication effectively and transparently.
The Shamrock Activist Value Fund nominates; Marjorie Bowen, Dennis Johnson and Gary Pechota.
Marjorie L. Bowen, a former Managing Director of Houlihan Lokey Howard & Zukin, where she also served as National Director of the firm’s fairness opinion practice and was one of five members of the firm’s Financial Advisory Services Committee, which is responsible for managing the firm’s Financial Advisory Services practice;
Dennis A. Johnson, CFA, a managing director of Shamrock Capital Advisors, Inc., the investment manager for SAVF, and a member of the Securities and Exchange Commission Investor Advisory Committee;
Gary L. Pechota, CEO of DT-Trak Consulting, Inc., a member of the Board of Directors of Insteel Industries, Inc. (Nasdaq: IIIN) and Black Hills Corporation (NYSE: BKH), and the former CEO of Giant Cement Holding, Inc. and former Chief of Staff of the National Indian Gaming Commission.
The three nominees are said to be committed to enhancing value for all Texas Industries shareholders, including through the commencement of a comprehensive strategic review. They have the necessary independence, experience, energy, skills and personalities to work with their fellow directors to promptly address and remedy Texas Industries’ operational, strategic and corporate governance challenges. Most importantly, they believe these nominees will bring to the Texas Industries Board much-needed industry, finance and capital markets, and corporate governance expertise.
For further information please go to: http://investorrelations.txi.com/secfiling.cfm?filingID=1193125-09-140543
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