Hildene Capital Issues Open Letter To CIB Marine Bancshares’ Shareholders in Connection With Upcoming Annual Meeting CIB Marine’s Refusal to Repurchase Preferred Shares in a Timely Manner Demonstrates its Disregard for Maximizing Value for ALL Shareholders
Hildene’s Two Highly Qualified Director Nominees Have the Expertise to Implement the Capital Structure and Governance Practices Required to Drive Long-Term Shareholder Value
Hildene Urges ALL CIB Marine Shareholders to Protect Their Investment by Voting the BLUE Proxy Card TODAY
STAMFORD, Conn.--(BUSINESS WIRE)-- Hildene Capital Management, LLC and certain of its managed funds (collectively, “Hildene”), which beneficially own a collective 36% of CIB Marine Bancshares, Inc.’s (OTC:CIBH) (“CIB Marine” or the “Company”) Series A and Series B preferred stock, as well as approximately 0.10% of the Company’s common stock, today issued an open letter to CIB Marine shareholders highlighting the Company’s refusal to implement a recapitalization plan in the best interests of all shareholders and its track record of misleading shareholders by obfuscating the facts.
Hildene urges ALL CIB Marine shareholders to vote on the BLUE proxy card “FOR” the election of Hildene’s highly qualified director nominees, John Scannell and Raymond Tellini in connection with the Company’s Annual Meeting to be held on April 29, 2021.
Shareholders of record as of March 10, 2021 are entitled to vote at the Annual Meeting and may obtain a copy of Hildene’s proxy materials and the BLUE proxy card by contacting Hildene’s proxy solicitation agent, MacKenzie Partners, Inc., toll-free at (800) 322-2885, collect at (212) 929-5500, or by email at proxy@mackenziepartners.com.
About Hildene Capital Management, LLC
Founded in 2008, Hildene Capital Management, LLC is an asset manager, which has together with its affiliates, over $12.5 billion in hedge fund, separate account and CDO assets under management. The firm seeks to generate attractive risk-adjusted returns for its institutional clientele by implementing a disciplined, systematic investment approach.
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