GOVERNANCE FIRM ISS URGES VOTE FOR ULTRAK IN DS PROXY DISPUTE
Ultrak Inc. announces that Institutional Shareholder Services (ISS), a provider of proxy voting and corporate governance services, has recommended that its institutional clients who hold shares of Detection Systems Inc. (DS) common stock vote their shares on Ultrak’s BLUE proxy card in favor of Ultrak’s nominees for election to the Detection Systems board of directors. According to ISS, the Dec. 19 election contest boils down to which slate can better effect the sale of Detection Systems.
The ISS analysis concludes: “Although the company now states that it is committed to a sale, it is essentially too little, too late. From the very beginning, the dissidents have been committed to a sale of the company, whereas management’s earlier proxy statements were ambiguous as to its true intentions. Thus, ISS believes the dissident nominees are better prepared to bring about a sale of the company, which is the prudent action to take given the circumstances.”
In a recent letter to Detection Systems shareholders, George Broady, chairman and CEO of Ultrak, advised that Detection Systems’ management might yet announce a sale of the company before the Annual Meeting on Dec. 19. Ultrak is a publicly held corporation that designs, manufactures, markets and services electronic products and systems for the security and surveillance, industrial and medical video, and professional audio markets.
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