Americas News
Shareholders' Group Castigates Aegean Board for Lack of Dialogue
Shareholders in the bunker company Aegean Petroleum Marine Network, calling themselves the committee for Aegean accountability, have expressed their frustration at the lack of communication from the company over the committee's desire to address the company's weak stock price.
The shareholder group, which represents 12.8% of company stock, is critical of the fall in value of the company's share price and has proposed four additions to the company's board of directors to generate fresh thinking.
A statement from the group addressed to the chairman of Aegean's board of directors said: "We are deeply disappointed by the Board's lack of response to our nomination of four highly qualified candidates for election to the Board at the 2018 Annual Meeting.
"The Committee has, in good faith, made repeated efforts at constructive engagement, including a public letter to the Company in December.
"To date, these efforts have been met with silence and dismissal from the Board."
In the statement, the shareholder group says that its views on how to restore shareholder value are "broadly shared" and that it can "only interpret the Board's lack of meaningful response as a further indication of its entrenchment".
The group added that it is "willing to engage in constructive discussions" with the company.
Aegean was contacted for comment on the shareholder statement but had not responded at the time of going to press.
Aegean listed on the New York stock exchange in 2006.
