Published:
Glass Lewis Recommends Vote for New Insituform Directors and Urges Stockholders to Discard Incumbent's White Card
NEW YORK, May 9 /PRNewswire/ -- Water Asset Management today reported that
Glass Lewis & Co., a leading proxy advisory firm, recommended that
stockholders vote for independent candidates Nick Vande Steeg and Disque D.
Deane Jr. on the BLUE proxy card and discard the WHITE management proxy card
at the Insituform Technologies, Inc. (Nasdaq: INSU) Annual Meeting on Monday
May 19, 2008.
In reaching their conclusion, Glass Lewis noted, " ... In this case, we
believe that [Water Asset Management] has successfully raised serious concerns
regarding the Company's performance. Notably, when the Dissident first
approached the board of directors, Insituform's stock price was near a five
year low value. Further, the Company's stock has underperformed the noted
indices in each year since 2002. This should be concerning for shareholders."
Water Asset Management, the owner of 1,466,008 (5.3%) shares of Insituform
stock, also stated that it firmly disagrees with the recommendation of the
proxy advisory firm ISS/Risk Metrics. On the one hand ISS/Risk Metrics'
analysis correctly acknowledges that "some new board member with relevant
industry expertise and aligned interests with all other stockholders may
benefit the board given the company's long term under-performance." On the
other hand Water Asset Management is baffled by their recommendation, which if
followed, obliges Insituform stockholders to continue to suffer with the same
incumbent Board that has presided over the company's dismal record of poor
stock price, shrinking margins, CEO turnover and failed acquisitions.
Water Asset Management believes that reversing these trends requires
changes at the top and continues to urge fellow stockholders to vote the BLUE
card and elect the five highly qualified directors who are committed to
creating long term stockholder value for all Insituform stockholders.
Stockholders who have questions or need assistance in voting their shares
should contact MacKenzie Partners, Inc. at 800-322-2885 or by email at
proxy@mackenziepartners.com.
SOURCE Water Asset Management
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