Clinton Group Files Preliminary Proxy For Imation

Clinton Group, Inc., a stockholder of Imation Corp., had filed its preliminary proxy for the upcoming annual meeting of Imation.

Clinton Group is seeking shareholder support to elect its nominees for the company’s Class I slate of directors.

“We encourage our fellow shareholders to read our preliminary proxy materials today and the perspectives in our upcoming white paper to better understand how the company’s leadership has let them down over the past several years and ascertain our views on strategy, tactics, governance and compensation,” said Joseph A. De Perio, senior portfolio panager, Clinton Group. “We are hopeful that with a mandate from shareholders for significant change, our nominees are able to reverse the years of shareholder value destruction without being disruptive to the near-term execution of the business.”

On the topic of the company’s ongoing strategic alternatives process, De Perio remarked: “We would support a change of control transaction at Imation at a premium stock price acceptable to all shareholders recognizing the years of fatigue and losses. However, we are curious if now is the right time to maximize value in a sale given the ongoing proxy contest, poor recent financial performance, the lack of profitability, the year over year declines in Nexsan revenue under Imation’s ownership, and the lack of scale of the Nexsan Assureon and IronKey Workspace product lines. A sale today also foregoes any value from the employment of Imation’s $732 million in federal and state net operating losses.”