This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Mac-Gray Corporation Announces Mailing Of Proxy Materials For 2011 Annual Meeting

WALTHAM, Mass., April 21, 2011 /PRNewswire/ -- Mac-Gray Corporation (NYSE: TUC), the nation's premier provider of laundry facilities management services to multi-unit housing locations, today announced that it is filing definitive proxy materials with the Securities and Exchange Commission (SEC) for its 2011 Annual Meeting of Shareholders scheduled for Wednesday, May 18.  Mac-Gray also is mailing these materials to its shareholders.  Mac-Gray shareholders of record as of the close of business on April 4, 2011 are entitled to vote at the 2011 Annual Meeting.

On behalf of the Board of Directors, the Company is including in its mailing a letter to shareholders outlining the reasons to support its three-member slate of highly qualified directors and to reject the dissident candidates offered by the TUC IVC Group, led by Benjamin Kovler.  Mac-Gray's Board urges shareholders to support its director nominees at the Annual Meeting by promptly voting the WHITE proxy card by telephone, Internet or mail. Shareholders should disregard any gold proxy card sent by Mr. Kovler's group.

The text of the letter to shareholders is as follows:

April 21, 2011

Dear Fellow Shareholder:

In conjunction with Mac-Gray Corporation's 2011 Annual Meeting of Shareholders on May 18, you are being asked to vote on candidates for election to your Board of Directors.  You have the opportunity to protect your investment in Mac-Gray by voting to re-elect the three highly qualified and dedicated nominees the Company has submitted for re-election.  

PROTECT YOUR INVESTMENT BY RE-ELECTING MAC-GRAY'S DIRECTORS; PLEASE VOTE THE ENCLOSED WHITE PROXY CARD TODAY!

A dissident group led by Benjamin Kovler has nominated its own hand-picked candidates to replace three existing independent directors of your Board.  There is much at stake here because if successful, Mr. Kovler's dissident group would effectively gain control of nearly 40% of your Board.  We strongly urge you to carefully review the enclosed proxy materials and support your Board by re-electing Chairman Thomas Bullock and Directors William Meagher, Jr. and Alastair Robertson by voting the enclosed WHITE proxy card today.

CURRENT BOARD HAS DELIVERED SUBSTANTIAL SHAREHOLDER VALUE OVER PAST TWO YEARS

We are asking that you reject the dissident slate, because change is not warranted. Your Board of completely independent directors has consistently been infused with fresh ideas – having added new members in 2007, 2008 and 2009, including one nominated by a large shareholder.  In fact, two of those new members are up for re-election this year.  

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,096.52 -17.02 -0.10%
S&P 500 1,988.33 +4.80 0.24%
NASDAQ 4,474.1720 +18.1560 0.41%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs