Final Results Confirm Decisive Victory for Shamrock Activist Value Fund, L.P. in Texas Industries Proxy Contest
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- Final Results Confirm Decisive Victory for Shamrock Activist Value Fund, L.P. in Texas Industries Proxy Contest
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Shamrock Activist Value Fund, L.P. Says It Will Work to Fulfill Shareholders' Mandate for Change
BURBANK, Calif.--(BUSINESS WIRE)-- According to certified voting results, all of the Shamrock Activist Value Fund, L.P.'s director nominees were overwhelmingly elected to the Texas Industries, Inc. (NYSE: TXI) board of directors, and all three of its corporate governance shareholder proposals were decisively approved at the company's Oct. 22, 2009 annual meeting.
In what the Shamrock Activist Value Fund, L.P. described as a clear mandate for change, its three director nominees were elected by a 4-to-1 margin.
More than 90% (20,560,040) of the 22,460,557 shares voted supported the Shamrock Activist Value Fund, L.P.'s shareholder proposal requesting the board to declassify the board and hold annual elections for all directors; more than 90% (20,617,794) also supported its shareholder proposal requesting the board to submit any "poison pill" to a shareholder vote; 88% (19,75,547) of the shares voted supported the Shamrock Activist Value Fund, L.P.'s shareholder proposal requesting that the board implement majority voting in uncontested director elections.
"We believe these results send a positive message that Texas Industries shareholders expect directors to be responsive and accountable," said Dennis A. Johnson, one of the three Shamrock Activist Value Fund, L.P. nominees and managing director of Shamrock Capital Advisors, the investment manager for the Shamrock Activist Value Fund. "We are committed to fulfilling the mandate given by shareholders by working with management and our fellow directors to improve Texas Industries' operations and implementing these and other appropriate corporate governance improvements."
Shamrock Activist Value Fund is one of five separate investment funds managed by Shamrock Capital Advisors, Inc., a subsidiary of Shamrock Holdings, Inc., the investment vehicle of the Roy E. Disney family. Together with its parallel investment vehicle, the Shamrock Activist Value Fund, L.P. owns 10.2% of Texas Industries shares.
Source: Shamrock Activist Value Fund, L.P.
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