New Proxy Slate to be Presented at 2013 Annual Shareholders Meeting
Craig T. Bouchard Named Chairman and Chief Executive Officer
Original Press Release in Wall Street Journal, Reuters, Bloomberg
Sherman Oaks, CA June 5, 2013 — Signature Group Holdings, Inc. (OTCQX: SGGH) today announced that it has entered into a settlement agreement with New Signature LLC for a new company proxy slate to be presented for election at the 2013 Annual Shareholders Meeting on July 16, 2013. As part of the settlement, New Signature LLC will withdraw its slate and support the company’s slate.
In conjunction with the settlement, Craig T. Bouchard has been appointed as Chairman and Chief Executive Officer. “I look forward to working closely with Craig and the team in pursuing new strategic growth opportunities for Signature as the company enters the next phase in its evolution,” said director Phil Tinkler. “Given the hard work of the team since the company’s emergence from bankruptcy, we are now in a position to utilize pro-rata rights offerings to procure the capital for large acquisitions. We believe our investors have an appetite to invest more capital into Signature and our goal with Craig is to find and execute those opportunities.” To facilitate these rights offerings, the settlement agreement supports the company’s proposal to increase its authorized shares of common stock.
Under the terms of the settlement agreement, the slate will consist of Craig Bouchard, Peter Bynoe, Ed Lamb, Raj Maheshwari and Phil Tinkler. As part of the settlement agreement, Christopher Colville has agreed to step down as interim Chief Executive Officer and Chairman of the Board of Directors.
“I have a history of building businesses and am looking forward to this opportunity of working with the board and the excellent management team at the company to build shareholder value,” stated Mr. Bouchard.
The company anticipates filing an updated proxy statement by the end of the week.
About Signature Group Holdings, Inc.
Signature Group Holdings, Inc. is a diversified enterprise with current principal activities in industrial supply and special situations finance. Signature has significant capital resources and will actively seek additional acquisitions as well as growth opportunities for its existing businesses. Signature has federal net operating loss tax carry forwards of approximately $886.9 million. For more information about Signature, visit its corporate website at www.signaturegroupholdings.com.
Cautionary Statement Regarding Forward-Looking Statements
This news release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based upon current expectations and beliefs of the Company. The Company does not undertake to update or revise forward-looking statements in this news release to reflect the impact of circumstances or events that arise after the date the forward-looking statements are made, except as required under applicable securities laws. No stock exchange or regulatory authority has approved or disapproved of the information contained herein.
Ogilvy Public Relations