Angelica restates commitment to represent the interests of all shareholders
07 Feb '06
3 min read
Angelica Corporation, a leading provider of healthcare linen management services, reiterated its long-standing and recognized commitment to fulfilling its fiduciary responsibility by representing the interests of all shareholders.
In response to unsubstantiated claims and seemingly intentional mischaracterizations of fact by Steel Partners, one of the company's shareholders, Angelica has also taken the regretful but necessary step of correcting the record for shareholders.
Steve O'Hara, Chairman and CEO of Angelica Corporation, stated, "The board members of Angelica have proud and proven records of distinguished service and protecting shareholder rights. It is truly unfortunate that one shareholder, Steel Partners, has resorted to questioning the Board's integrity as part of its fairly transparent attempt to impose its personal interests at the expense of other shareholders. Clearly, Steel Partners is seeking to gain control of the Company's Board, as it has done elsewhere with at best mixed results, but Angelica will maintain its responsibility to serve the interests of all shareholders."
O'Hara continued, "Given its track record, it is not surprising that Steel Partners would attempt to cloak its self-interest under the guise of "corporate governance," however, in this instance it simply does not hold up.
Angelica's leadership has demonstrated - both in the present and prior situations - that it will take whatever steps are necessary to return shareholder value regardless of the ramifications those actions may have on them personally.
marketing@alchempro.com
