Zoltek: CEO Responds To Request For Special Shareholders Meeting
ST. LOUIS, MISSOURI - Zoltek Companies, Inc. reported that it had received a request for a special shareholders meeting from a group of shareholders that filed a Schedule 13D reporting beneficial ownership of an aggregate of approximately 10.1% of the Company's outstanding common stock. The group indicated that it is led by Quinpario Partners, LLC and Jeffry N. Quinn. The group is seeking the special shareholders meeting in order to remove the six current members of the Board of Directors without cause and elect a new slate of five directors.
The Company has advised the group's counsel that, based on the Company's preliminary review of the request, it appears that the request is deficient in several material respects, including both as to form and content. The Company further advised the group's counsel that, in view of the deficiencies, the Company does not plan to call the special shareholders meeting requested in the letter. Finally, the Company stated that it will continue its review and respond to the group in greater detail once it has a reasonable opportunity to consider the matters set forth in the letter.
Zsolt Rumy, Chairman and CEO of Zoltek, stated, "Our Board members own a significant amount of Zoltek's stock and, accordingly, our directors' financial interests are directly aligned with those of our shareholders at large. We will continue to focus on building long-term shareholder value by leading the commercialization of carbon fibers. Of course, if Mr. Quinn's group were to submit a bona fide proposal that adequately compensates our shareholders for the value of our technology, industry-leading capacity and future growth potential, our Board would be pleased to consider it."
Mr. Rumy added, "We want to assure our shareholders, customers and employees that it continues to be 'business as usual' for Zoltek."
For further information contact:
Zsolt Rumy, Chairman and CEO
3101 McKelvey Road
St. Louis, MO 63044