NEW YORK, Oct. 3, 2012 /PRNewswire/ -- Clinton Group, Inc., the second largest owner of Wet Seal, Inc. (Nasdaq: WTSLA), has proposed replacing the Board of Directors of the Company with a new, independent Board. Clinton Group is seeking the consent of its fellow stockholders for this change. To be effective, Clinton Group needs to gather the consent of a majority of the outstanding stock.
"We believe change is needed in the Wet Seal boardroom," said Joseph De Perio, Senior Portfolio Manager of Clinton Group, Inc. "In our view, the best way to protect stockholder capital and execute a turnaround is to recruit and hire an excellent Chief Executive Officer. The current Board has not proven capable of hiring effective senior executives or determining or overseeing the optimal strategic direction for the Company. The time for change is now."
Clinton Group has been informed that a number of stockholders have not received their white consent solicitation card or the consent solicitation statement in the mail. Stockholders who would like to consent to the Clinton Group's proposals but who have not received a white card should call their broker-dealer or custodian bank and ask to provide voting instructions on the Wet Seal consent solicitation.
In addition, Clinton Group has been told that at least two custodial banks, Northern Trust and BNY Mellon, are only accepting votes through their corporate actions department rather than the customary proxy voting systems. It is important to note that consents sent through the proxy voting systems such as ProxyEdge, ISS or Glass Lewis will not likely be counted by these custodian banks. Instead, institutional investors and others with accounts at these firms should use their corporate action systems or contact a representative of these custodial banks to ensure their votes are counted.