USA: Duck Head/Delta Boardroom Battle Heats Up
It promises to be a stormy AGM on November 8 at Duck Head Apparel, the recent spin-off from Delta Woodside. The company is in the middle of a boardroom spat, with management and one of its largest shareholders battling for supremacy.In a rebuttal of yesterday's news that Delta executives were being backed up by proxy advisory firm, Institutional Shareholder Services (ISS), Bettis C Rainsford announced today that Proxy Monitor, another advisory company, has recommended that investors support the Rainsford director nominees and the shareholder proposal contained in the Rainsford proxy statement for the Duck Head Apparel annual meeting.Mr Rainsford is leading a solicitation effort in opposition to the current board. He was a co-founder and the long-time CFO of Delta Woodside Industries, the company from which Duck Head was spun off earlier this year.Proxy Monitor has recommended a vote for the election of the Rainsford director nominees and for the approval of the Rainsford shareholder proposal to direct the Duck Head board to cause Duck Head to take all actions necessary to cancel the right previously granted to Robert Rockey, the compny's chairman, to purchase one million shares of company stock at a price that is currently below market value. Proxy Monitor recommended that investors execute their votes on the Rainsford blue proxy card."We are pleased that Proxy Monitor, a reputable and independent proxy advisor, supports our nominees and shareholder proposal," said Mr Rainsford.
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