Meson Capital Partners, LLC, Boston Avenue Capital, LLC, and The Global Undervalued Securities Master Fund, LP (the “Concerned InfuSystem Stockholders”) today announced the filing of a preliminary consent solicitation with the Securities and Exchange Commission calling for written designations from the stockholders of InfuSystem Holdings, Inc. (NYSE Amex:INFU) (“InfuSystem”) to call a special meeting for the removal of the company’s board and the election of new directors.
The Concerned InfuSystem Stockholders filed a joint Schedule 13D on December 6, 2011 and subsequently reached out to InfuSystem top management in an effort to discuss InfuSystem’s performance and the possible appointment of three new directors to represent the stockholders and facilitate the generation of stockholder value. Ryan Morris, Managing Member of Meson Capital, stated: “Despite voicing our concerns, the company’s board has indicated to us that it chooses to support its current leadership and its current strategy and has declined our requests for the appointment of directors to better represent the company’s stockholders.”
As a result, the Concerned InfuSystem Stockholders are filing today a preliminary consent solicitation for the purpose of calling a special meeting of stockholders in order to elect new directors who they believe would better represent the interests of all stockholders. The Concerned InfuSytem Stockholders hold approximately 2.4 million shares or 11.4% of the total outstanding shares. The Global Undervalued Securities Master Fund, LP has been one of the largest InfuSystem stockholders for the past 4 years.
The Concerned InfuSystem Stockholders have watched the company and have been disappointed with its performance. Its stock has lost almost 40% of its value since the beginning of last year and over 55% of its value over the last 4 years. In the meantime, the Concerned InfuSystem Stockholders believe the current board of directors, including Sean McDevitt, the company’s Chairman and CEO, have enriched themselves with excessive stock and cash grants. These grants include almost $3 million in restricted stock awards, and almost $1.9 million in cash to cover taxes on the associated stock grants, according to company’s most recent proxy statement filed April 20, 2011 with the SEC.