Argo Group Worldwide Holdings, which is presently being challenged by activist investor Capital Returns Grasp, has gained help from its largest shareholder and from proxy advisory corporations forward of the insurer’s board election.
“Main unbiased proxy advisory corporations, Institutional Shareholder Companies (ISS) and Glass Lewis & Co, have beneficial that shareholders vote ‘FOR’ all seven of Argo’s extremely certified director nominees on the firm’s upcoming annual assembly of shareholders to be held on December 15, 2022,” acknowledged Argo.
“As well as, Voce Capital Administration LLC, the proprietor of roughly 9.5% of the corporate’s frequent shares, has knowledgeable the corporate that it has voted all of its shares on the BLUE proxy card in help of the seven Argo nominees on the firm’s upcoming 2022 annual assembly.”
Referring to Capital Returns – which has two nominees of its personal – ISS mentioned “the dissident has not made a compelling case for change,” including that there isn’t any purpose to consider that Argo’s ongoing strategic assessment shouldn’t be being carried out to advance shareholders’ greatest pursuits.
In the meantime Glass Lewis identified: “Shareholders ought to notice that Capital Returns has not provided various solutions to enhance the enterprise past pursuing a sale of the entire firm.
“Provided that the board is already contemplating a sale and has solicited a wide variety of potential counterparties as a part of the strategic assessment, we don’t consider the dissident nominees can be clearly additive to the strategic assessment course of or seemingly to enhance the end result for all shareholders, if appointed to the board.”
Argo’s board nominees are Bernard Bailey, Thomas Bradley, Dymphna Lehane, Samuel Liss, Carol McFate, J. Daniel Vegetation, and Al-Noor Ramji.
Commenting, Argo declared: “We’re happy that ISS and Glass Lewis help the election of all seven of Argo’s director nominees. Each of those suggestions additional validate our perception that Argo’s seven extremely certified nominees with related experience and confirmed observe information proceed to maneuver with velocity to greatest place the corporate.”