{"id":6539,"date":"2022-07-24T10:07:57","date_gmt":"2022-07-24T15:07:57","guid":{"rendered":"https:\/\/1reason.com\/re\/star-equity-fund-issues-statement-on-the-results-of-servotronics-2022-agm\/6539\/"},"modified":"2022-07-25T05:07:57","modified_gmt":"2022-07-25T10:07:57","slug":"star-equity-fund-issues-statement-on-the-results-of-servotronics-2022-agm","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/star-equity-fund-issues-statement-on-the-results-of-servotronics-2022-agm\/6539\/","title":{"rendered":"Star Equity Fund Issues Statement on the Results of Servotronics 2022 AGM"},"content":{"rendered":"
(NYSE American: SVT) (\u201cServotronics\u201d or \u201cthe Company\u201d), 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 voteWITHHOLD on the re-election of incumbent board members Ed Cosgrove and Lucion Gygax due to their enablement of\u2014or at best failure to see\u2014malfeasance occurring at Servotronics. On June 10, Servotronics held its 2022 Annual Meeting of Shareholders, and the majority of the Company\u2019s 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<\/u><\/strong> the approval of the Company\u2019s 2021 executive compensation in a non-binding vote, another sign of significant shareholder frustration. <\/p>\n

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. In fact, many companies have auto-resignation provisions in their bylaws whereby directors must resign if the withhold vote is greater than 50% of all votes cast. Should both directors remain on the ballot in 2023, we will strongly consider nominating alternative directors to run against them. We will continue to monitor the Company\u2019s progress and will remain ready to act if progress on improving shareholder value and shareholder rights is not made. Although we are pleased that shareholders voted in solidarity with our withhold vote campaign, there is still more work to be done. We fully expect Servotronics\u2019s board and management to act quickly to add value, improve operating and financial performance, and improve corporate governance.<\/p>\n

About Star Equity Fund, LP<\/strong>
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.<\/p>\n

About Star Equity Holdings, Inc.<\/strong>
Star Equity Holdings, Inc.is a diversified holding company with three divisions: Healthcare, Construction, and Investments.<\/p>\n\n\n\n\n\n\n\n
For more information contact:<\/strong><\/td>\n<\/tr>\n
Star Equity Fund, LP<\/strong><\/td>\nThe Equity Group<\/strong><\/td>\n<\/tr>\n
Jeffrey E. Eberwein<\/td>\nLena Cati<\/td>\n<\/tr>\n
Portfolio Manager<\/td>\nSenior Vice President<\/td>\n<\/tr>\n
203-489-9501<\/td>\n212-836-9611<\/td>\n<\/tr>\n
jeff.eberwein@starequity.com<\/a><\/td>\nlcati@equityny.com<\/u><\/a><\/td>\n<\/tr>\n<\/table>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

\n

Election Results Confirm Significant Shareholder FrustrationCalls on Ed Cosgrove and Lucion Gygax to Resign<\/p>\n

OLD GREENWICH, Conn., June 23, 2022 (GLOBE NEWSWIRE) — Star Equity Fund, LP (\u201cStar Equity Fund\u201d, \u201cwe\u201d, \u201cour\u201d), a shareholder of Servotronics, Inc.<\/p>\n<\/div>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":[],"categories":[11],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/6539"}],"collection":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/comments?post=6539"}],"version-history":[{"count":1,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/6539\/revisions"}],"predecessor-version":[{"id":6571,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/6539\/revisions\/6571"}],"wp:attachment":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/media?parent=6539"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/categories?post=6539"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/tags?post=6539"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}