Egan-Jones Recommends Shareholders Vote for All Stillwater Board Nominees on
WHITE Proxy Card
BILLINGS, Mont. -- April 25, 2013
Stillwater Mining Company (NYSE:SWC) (TSX:SWC.U) (“Stillwater” or the
“Company”) today announced that independent proxy advisory firm Egan-Jones
Proxy Services ("Egan-Jones"), recommends that shareholders vote for all of
Stillwater’s Board nominees on the WHITE proxy card at the Company’s 2013
Annual Shareholders Meeting, which will be held on May 2, 2013. Egan-Jones
provides proxy voting advisory services to institutions and other professional
Frank McAllister, Stillwater’s Chairman and Chief Executive Officer, said, “We
are pleased with Egan-Jones' recommendation. As evidenced by our strong
operating performance and cost management in the first quarter of 2013,
Stillwater is well positioned to create long-term value for our shareholders.
This is particularly important given the negative impact of the current
environment on other commodity classes and their respective mining companies.
With stable production, funded growth and flexibility, Stillwater is committed
to maximizing its exposure to the PGM price, palladium in particular. Our
current Board has the right combination of skills, experience and expertise to
oversee the continued execution of our strategic plan and we urge shareholders
to support the Company's nominees and vote the white proxy today.”
In making its recommendation, Egan-Jones notes the following:
“We believe that support for voting the management ballot is merited and that
voting the management ballot (WHITE PROXY CARD) is in the best interest of the
Company and its shareholders. In arriving at the conclusion, we have
considered the following factors:
Our belief that the case made by the dissidents for how it is
1. that, if elected, they would achieve better financial results
than the current board, is unpersuasive.
We are not convinced that election of the dissidents’
2. nominees to the board of directors would work to the benefit
We also note that it is our opinion that, as a group, the
3. dissidents lack skills and experience relevant to the Company
and its business, and therefore suffer by comparison with the
members of the current board and nominees.
There is a single slate, the nominee appears qualified and we recommend that
clients vote “FOR” the Board’s nominees for reasons stated above.
We also note the presence of the key Board committees namely the Audit,
Compensation and Corporate Governance/Nomination Committees comprised solely
of independent outside directors. Moreover, each director attended at least
95% of all the meetings of the board and of the committees during the previous
We believe that the Company’s compensation policies and procedures are
centered on a competitive pay-for-performance culture, strongly aligned with
the long-term interest of its shareholders and necessary to attract and retain
experienced, highly qualified executives critical to the Company's long-term
success and the enhancement of shareholder value.
All shareholders of record as of March 6, 2013 are entitled to vote at the
2013 Annual Shareholders Meeting on May 2, 2013. Stillwater encourages all
shareholders to carefully review its definitive proxy filing and other
materials and vote only their WHITE proxy card. For more information about
Stillwater’s 2013 Annual Shareholders Meeting, please visit
About Stillwater Mining Company
Stillwater Mining Company is the only U.S. producer of palladium and platinum
and is the largest primary producer of platinum group metals outside of South
Africa and the Russian Federation. The Company’s shares are traded on the New
York Stock Exchange under the symbol SWC and on the Toronto Stock Exchange
under the symbol SWC.U. Information on Stillwater Mining Company can be found
at its website: www.stillwatermining.com.
Some statements contained in this news release are forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended, and,
therefore, involve uncertainties or risks that could cause actual results to
differ materially. These statements may contain words such as "believes,"
"anticipates," "plans," "expects," "intends," "projects", "estimates,"
"forecast," "guidance," or similar expressions. These statements are not
guarantees of the Company's future performance and are subject to risks,
uncertainties and other important factors that could cause our actual
performance or achievements to differ materially from those expressed or
implied by these forward-looking statements. Such statements include, but are
not limited to, comments regarding expansion plans, costs, grade, production
and recovery rates, permitting, financing needs, the terms of future credit
facilities and capital expenditures, increases in processing capacity, cost
reduction measures, safety, timing for engineering studies, and environmental
permitting and compliance, litigation, labor matters and the palladium and
platinum market. Additional information regarding factors, which could cause
results to differ materially from management's expectations, is found in the
section entitled "Risk Factors" in the Company's 2012 Annual Report on Form
10-K and in subsequent filings with the United States Securities & Exchange
Commission. The Company intends that the forward-looking statements contained
herein be subject to the above-mentioned statutory safe harbors. Investors are
cautioned not to rely on forward-looking statements. The Company disclaims any
obligation to update forward-looking statements.
Stillwater Mining Company
Mike Beckstead, 406-373-8971
Innisfree M&A Incorporated
Arthur Crozier / Jennifer Shotwell / Scott Winter
Sard Verbinnen & Co
Dan Gagnier / Michael Henson
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