This Day On The Street
Continue to site
ADVERTISEMENT
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

Independent Proxy Advisory Firm ISS Supports PL Capital's Nominee For The Board Of HF Financial Corp.

 

NAPERVILLE, Ill., Dec. 5, 2011 /PRNewswire/ -- The PL Capital Group is pleased to announce that Institutional Shareholder Services (ISS), one of the nation's leading independent proxy advisory firms, has recommended that shareholders of HF Financial Corp. (Nasdaq: HFFC) vote to elect PL Capital Group's nominee, John Palmer, to the board of HF Financial.  Last week, PL Capital's nominee also received the recommendation of Glass, Lewis & Co. (Glass Lewis), another leading independent proxy advisory firm.

In its recently issued report ISS noted, "The dissidents [PL Capital] have demonstrated that the bank has materially underperformed relative to peers, and that greater board oversight – particularly oversight of the financial implications for shareholders of major capital decisions – may be warranted.  Most notably among these was the decision to pursue a highly dilutive capital raise in 2009 that appears to have been ill timed, unnecessary, and significantly destructive to shareholder value.  Given this particular case for change, dissident nominee Palmer's significant banking, financial, and strategic experience seem especially significant."

The ISS report also took issue with one of HF Financial's arguments against electing Mr. Palmer:  "The company has asserted that the real motive behind the proxy contest is to force a sale of the company.  This is a strange argument to make to the shareholders who actually own the company, and who would presumably evaluate for themselves the wisdom of any proposed transaction before actually casting their votes to approve it."

PL Capital principal Richard Lashley noted, "We are extremely pleased to have John Palmer get a strong recommendation from ISS.  John has now received the endorsement of both ISS and Glass Lewis, the two leading independent proxy advisory firms, and their analysis supports the view that John's experience and expertise would benefit the board and all of the company's shareholders."

Mr. Palmer added, "I look forward to getting elected to the board so I can work with the board and management of HF Financial to improve the company's financial performance and corporate governance.  I will also encourage the board and management to evaluate all strategic alternatives available to the company, for the benefit of all shareholders."

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,351.38 +293.03 1.82%
S&P 500 1,948.86 +35.01 1.83%
NASDAQ 4,749.9790 +113.8740 2.46%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs