Star Equity Fund Issues Statement on the Results of Servotronics 2022 AGM
OLD GREENWICH, Conn., June 23, 2022 (GLOBE NEWSWIRE) -- Star Equity Fund, LP (“Star Equity Fund”, “we”, “our”), a shareholder of Servotronics, Inc. (NYSE American: SVT) (“Servotronics” or “the Company”), seeks to unlock shareholder value and improve corporate governance at its portfolio companies. On May 24, we issued a press release urging Servotronics shareholders to vote WITHHOLD on the re-election of incumbent board members Ed Cosgrove and Lucion Gygax due to their enablement of—or at best failure to see—malfeasance occurring at Servotronics. On June 10, Servotronics held its 2022 Annual Meeting of Shareholders, and the majority of the Company’s shareholders voted with our recommendation: a staggering 54% and 51% of votes cast voted WITHHOLD on Cosgrove and Gygax, respectively. In addition, the majority of shareholders voted against the approval of the Company’s 2021 executive compensation in a non-binding vote, another sign of significant shareholder frustration.
- OLD GREENWICH, Conn., June 23, 2022 (GLOBE NEWSWIRE) -- Star Equity Fund, LP (Star Equity Fund, we, our), a shareholder of Servotronics, Inc. (NYSE American: SVT) (Servotronics or the Company), seeks to unlock shareholder value and improve corporate governance at its portfolio companies.
- Servotronics shareholders have made it clear that neither Cosgrove nor Gygax has their support, and we call on both directors to resign from the Servotronics board immediately.
- Star Equity Fund, LP is an investment fund managed by Star Equity Holdings, Inc. Star Equity Fund seeks to unlock shareholder value and improve corporate governance at its portfolio companies.
- Star Equity Holdings, Inc.is a diversified holding company with three divisions: Healthcare, Construction, and Investments.