USA Truck, shareholder group strike cooperation deal
Posted: May 23, 2014 at 7 a.m.
USA Truck Inc. on Friday said it had reached a cooperation agreement with two investment firms that together hold a 28 percent stake in the Van Buren-based trucking company. The transportation logistics company's shareholder meeting is Friday.
Under the deal with Baker Street Capital Management and Stone House Capital Management, which jointly formed United Shareholders for the Benefit of USAK on May 6, USA Truck agreed to appoint Baker Street’s manager, Vadim Perelman, and USA Truck chief operating officer Thomas Glaser to the company’s board of directors.
The move will expand the board to nine members.
The United Shareholders agreed to vote with all of their shares in favor of re-electing to the board William Hanna and James Simpson, “and in favor of the other proposals submitted for stockholder approval at the 2014 Annual Meeting,” USA Truck said in a statement. It wasn't clear to which proposals the statement referred.
The shareholders group also agreed to “certain customary standstill provisions” until 10 days before the deadline for submitting stockholder nominations for the 2015 annual meeting, according to the statement.
United Shareholders said in a Securities and Exchange Commission filing earlier this month that the group could seek to engage company management, the board of directors and other stockholders to discuss topics including company operations and the structure of the board and ownership.
"As always, the USA Truck Board is dedicated to creating value for our shareholders and we appreciate the constructive input that Baker Street Capital and Stone House Capital have provided towards our mutual goal over the past several months,” USA Truck Chairman Robert Peiser said in the statement. “We welcome both Vadim Perelman and Tom Glaser to the Board.”
He said Perelman joining to the board “will add valuable financial and strategic expertise that will help us accelerate the execution of our turnaround plan.”