This Day On The Street
Continue to site right-arrow
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!

Clinton Group Provides Update And Voting Instructions On The Wet Seal Consent Solicitation

Stocks in this article: WTSLA

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.

1 of 2

Select the service that is right for you!

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 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

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