Servotronics' Proxy Contest Conclusion and Upcoming Meeting
Servotronics Addresses Proxy Contest Ending
– Beaver Hollow Wellness has withdrawn its nominees for election to the Company's Board of Directors, thus concluding the proxy contest –
– Vote now on the Company's BLUE proxy card to ensure your voice is heard –
In an important announcement, Servotronics, Inc. (NYSE American – SVT), a prominent designer and manufacturer of servo-control components and advanced technology products, reported a significant development regarding its Board of Directors. Beaver Hollow Wellness LLC has officially notified Servotronics of its decision to withdraw its four nominees for election to the Board. This move has drawn attention as it closes the ongoing proxy contest.
The decision to withdraw was made without any concessions from Servotronics or any negotiated agreement between the two parties. It's a clear indication of the firm's commitment to conducting its governance processes transparently and effectively. This withdrawal comes as the company prepares for its upcoming Annual Meeting, and the timing is crucial as it allows shareholders to focus on the scheduled proposals.
Due to the near proximity of Beaver Hollow's withdrawal and the forthcoming Annual Meeting set for early June, Servotronics is unable to issue a revised proxy card excluding the withdrawn nominees. Therefore, shareholders aiming to cast their votes regarding the Board of Directors and other agenda items should participate using the Company’s BLUE proxy card or the designated voting instruction form.
For those shareholders who have already cast their votes in favor of the Company’s nominees – which include Brent D. Baird, William F. Farrell, Jr., Karen L. Howard, Christopher M. Marks, and Evan H. Wax – rest assured, there is no need for a second vote. Your vote will remain valid.
Moreover, Beaver Hollow has clarified that any proxies previously submitted on the white universal proxy card will be processed according to the instructions provided with them until they are revoked. However, moving forward, they will not accept any new proxies from shareholders after the withdrawal announcement.
It is crucial to note that any votes cast for the now-withdrawn nominees, whether through the BLUE or white proxy card, will be disregarded and won’t be counted in the official results.
All shareholders should take the time to review the comprehensive proxy statement released by the Company related to the Annual Meeting for detailed information. If any shareholder has submitted their proxy card, there exists the opportunity to revoke it at any moment before it gets utilized, as outlined in the “Questions and Answers About the Proxy Materials and the Annual Meeting” section of the proxy statement.
For inquiries or assistance regarding voting, shareholders can get in touch with the Company’s proxy solicitors, Georgeson, LLC, who are available toll-free at 866-807-2911.
ABOUT SERVOTRONICS
Servotronics specializes in the design, development, and manufacturing of servo-control systems and various components, catering to a range of commercial and government sectors. Their products are utilized in applications such as aviation, jet engines, missiles, manufacturing machinery, and numerous aerospace sectors, with operating facilities located in both Elma and Franklinville, New York.
SERVOTRONICS, INC. (SVT) IS LISTED ON NYSE American
Frequently Asked Questions
What led to Beaver Hollow withdrawing its nominees?
The withdrawal was a decision made independently by Beaver Hollow Wellness LLC and did not involve any concessions or negotiations with Servotronics.
How can shareholders vote in the upcoming Annual Meeting?
Shareholders should use the Company’s BLUE proxy card or the voting instruction form to ensure their votes are counted for the proposed directors and other items.
What happens to votes cast for the withdrawn nominees?
Any votes for the withdrawn nominees will be disregarded and will not be counted in the election results.
Can shareholders revoke their previously submitted proxy?
Yes, shareholders can revoke their proxy at any time before it is exercised, as stated in the proxy statement.
Who can shareholders contact for assistance with voting?
Shareholders can contact Georgeson, LLC at 866-807-2911 for help with the voting process.
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