8:37AM Comverge: Shareholder Advocates for Value Enhancement sends letter to Comverge, Inc. shareholders; urges strategic alternatives (COMV) 3.94 : "Shareholder Advocates for Value Enhancement ("SAVE") is disappointed with the financial performance of Comverge, the governance of the Company, and the share price. For these reasons: SAVE urges shareholders to WITHOLD votes for ALEC G. DREYER at the May 10, 2011 annual meeting of the Company to send the message that CHANGE IS NEEDED and the message that the Company should promp SAVE also urges shareholders to WITHOLD votes on PROPOSAL TWO to send a message to the Board that shareholders want to DECLASSIFY THE BOARD TODAY. WITHOLD your votes to send a message that CHANGE IS NEEDED. Consider these points: The CEO R. Blake Young was awarded $4,333,389 in total compensation in 2010 - a year when the stock was down nearly 40%. According to the proxy, the company 'did not meet its revenue or net income goals' for 2010. Despite this, the Board voted to increase the CEO's base salary in 2011. The Compensation Committee also The company recently lowered the conversion price on a convertible security shortly after completing the deal. This action could result in the issuing of over 70% more shares than the original conv In 2010, the seven Board members earned on average $172,000 each. Since the IPO the stock is down over 70%. The current CEO R. Blake Young has been on the Board during this entire time. Since the Chairman Alec G. Dreyer joined the Board the stock is down over 75%. For these and other reasons, Bradley Tirpak, a founder of SAVE, has been urging the company to EXPLORE ALL STRATEGIC ALTERNATIVES."
