Morgans Hotel Group Sends Letter To Stockholders And Files Definitive Proxy Materials
- Announced it has filed definitive proxy materials with the Securities and Exchange Commission ("SEC") in connection with its 2014 Annual Meeting of Stockholders ("Annual Meeting"), which will be held on May 14, 2014. Morgans stockholders of record at the close of business on April 2, 2014, are eligible to vote their shares at the Annual Meeting.
- The Morgans' Board of Directors also sent a letter today to stockholders highlighting the significant progress underway at the Company and the value this Board is responsible for creating since being elected to replace the Company's prior board at the 2013 annual meeting. The letter also urges stockholders to vote "FOR" the Company's nine highly qualified, experienced nominees. Letter excerpts
- We ask for your ongoing support so that Morgans' Board and management can continue to execute on the transformation underway to improve our financial position and operate the Company effectively and efficiently. These steps, and these steps alone, are what will allow the Board to explore all avenues of value creation from a position of strength and flexibility.
- We believe the Company's stockholders will agree that Kerrisdale's slate is neither incentivized to act in their best interest nor capable of achieving the greatest value for their investment. - MORGANS' BOARD IS EXECUTING ON ITS STRATEGY, RESTORING PERFORMANCE AND ACTIVELY ADDRESSING THE DESTRUCTIVE LEGACY OF THE COMPANY'S PRIOR LEADERSHIP
- Morgans is not even one of Kerrisdale's top ten investments. It seems clear to us, as it should to all stockholders, that Kerrisdale's motivations are driven by a desire for attention and publicity, rather than by purely economic motivations.
- VOTE THE WHITE CARD TODAY TO SUPPORT CONTINUED VALUE CREATION AT MORGANS