Clinton Group Comments On Stillwater Board's Belated Decision To Abide By The
Company's Equity Incentive Plan And To Rescind Improper Payments To The CEO
NEW YORK, April 10, 2013
NEW YORK, April 10, 2013 /PRNewswire/ -- Clinton Group, Inc. ("Clinton"), a
stockholder of Stillwater Mining Company (NYSE: SWC) that is seeking to
replace the Board of Stillwater with independent professionals, today
commented on the Company's decision to rescind stock grants to the Company's
Chief Executive Officer, Frank McAllister. On Mr. McAllister's watch,
Stillwater stock has declined by 66%.
A stockholder had sued each of the Board members personally claiming they had
repeatedly approved grants of restricted stock to Mr. McAllister in violation
of the Company's 2004 Equity Incentive Plan. This morning, the Board announced
it was rescinding three separate restricted stock grants (from 2009, 2010 and
2012) to Mr. McAllister.
"It is truly astonishing that the Stillwater Board of Directors is unable to
oversee the Company in a manner consistent with the Company's own corporate
documents, such as its equity plan," said Gregory P. Taxin, Managing Director
of Clinton. "Until a stockholder sued the Board members personally, the
directors were oblivious to the violation or perfectly content to allow Mr.
McAllister to benefit improperly from excessive grants at the expense of
investors. This Board needs to be turned out by stockholders and a new Board
should be seated."
For more information on Clinton's efforts to replace the Board of Directors at
Stillwater, please go to http://www.tapstillwater.com. TheStillwaterannual
meeting is scheduled to be held onMay 2, 2013.Clintonurges its fellow
stockholders to use the GREEN proxy card when voting at this year's annual
meeting and to vote for theClintonnominees. If you have any questions or
require any assistance in delivering your proxy, please contact Okapi Partners
LLC at 437 Madison Avenue, 28th Floor,New York, New York10022 or (212)
297-0720 or Toll-Free (855) 305-0857.
About Clinton Group, Inc.
Clinton Group, Inc. is a Registered Investment Advisor based inNew York City.
The firm has been investing in global markets since its inception in 1991 with
expertise that spans a wide range of investment styles and asset classes.
CLINTONRELATIONAL OPPORTUNITY MASTER FUND, L.P.,CLINTONMAGNOLIA MASTER
FUND, LTD.,CLINTON SPOTLIGHT MASTER FUND, L.P.,CLINTONRETAIL OPPORTUNITY
PARTNERSHIP, L.P.,CLINTONRELATIONAL OPPORTUNITY, LLC,CLINTONGROUP, INC.
ANDGEORGE E. HALL(COLLECTIVELY, "CLINTON") AND CHARLES R. ENGLES,SETH E.
GARDNER,MICHAEL MCMULLEN,MICHAEL MCNAMARA,PATRICE E. MERRIN, BRIAN
SCHWEITZER AND GREGORY P. TAXIN (TOGETHER WITHCLINTON, THE "PARTICIPANTS")
HAVE FILED WITH THE SECURITIES AND EXCHANGE COMMISSION (THE "SEC") A
DEFINITIVE PROXY STATEMENT AND ACCOMPANYING FORM OF PROXY CARD TO BE USED IN
CONNECTION WITH THE PARTICIPANTS' SOLICITATION OF PROXIES FROM THE
STOCKHOLDERS OF STILLWATERMINING COMPANY (THE "COMPANY") FOR USE AT THE
COMPANY'S 2013 ANNUAL MEETING OF STOCKHOLDERS (THE "PROXY SOLICITATION"). ALL
STOCKHOLDERS OF THE COMPANY ARE ADVISED TO READ THE DEFINITIVE PROXY STATEMENT
AND OTHER DOCUMENTS RELATED TO THE PROXY SOLICITATION BY THE PARTICIPANTS
BECAUSE THEY CONTAIN IMPORTANT INFORMATION, INCLUDING ADDITIONAL INFORMATION
RELATED TO THE PARTICIPANTS. THE DEFINITIVE PROXY STATEMENT AND ACCOMPANYING
PROXY CARD HAVE BEEN FURNISHED TO SOME OR ALL OF THE COMPANY'S STOCKHOLDERS
AND ARE, ALONG WITH OTHER RELEVANT DOCUMENTS, AVAILABLE AT NO CHARGE ON THE
SEC'S WEB SITE ATHTTP://WWW.SEC.GOV/. IN ADDITION, OKAPI PARTNERS
LLC,CLINTON'S PROXY SOLICITOR, WILL PROVIDE COPIES OF THE DEFINITIVE PROXY
STATEMENT AND ACCOMPANYING PROXY CARD WITHOUT CHARGE UPON REQUEST BY CALLING
(212) 297-0720 OR TOLL-FREE AT (855) 305-0857.
INFORMATION ABOUT THE PARTICIPANTS AND A DESCRIPTION OF THEIR DIRECT OR
INDIRECT INTERESTS BY SECURITY HOLDINGS IS CONTAINED IN THE DEFINITIVE PROXY
STATEMENT ON SCHEDULE 14A FILED BYCLINTON WITH THE SEC ONMARCH 26, 2013.
THIS DOCUMENT CAN BE OBTAINED FREE OF CHARGE FROM THE SOURCES INDICATED ABOVE.
SOURCE Clinton Group, Inc.
Contact: Connie Laux, +1-212-825-0400
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