HF Financial Corp. (Nasdaq: HFFC) today announced that independent proxy advisory firm Egan-Jones recommended that shareholders vote their BLUE proxy card “FOR ALL” of HF Financial’s nominees to the Board of Directors and for all other Company proposals at the Company’s Annual Meeting on December 13, 2011. In its December 5, 2011 report, Egan-Jones stated:
- “We believe that voting the management ballot is in the best interest of the Company and its shareholders. In arriving at that conclusion, we have considered the following factors:
- Our belief that the Company offered in good faith to expand its board and appoint PL Capital nominee John Palmer to that board in return for support of the Company’s two nominees but was rebuffed by the dissidents.
- Our belief that the Company should be given time to realize the intended benefits of its current strategic plan.
- The fact that the Company made significant good faith efforts to avoid the current proxy contest, which is imposing substantial and unnecessary costs on the Company.”
- “The nominees appear qualified and we recommend a vote “FOR” this Proposal on the BLUE proxy card provided by the management.”