Preliminary Results Indicate That 60+% of Shareholders, Excluding Hess Family, Voted for Elliott Nom
May 16th 2013 10:49AM
Updated May 16th 2013 11:30AM
Preliminary Results Indicate That 60+% of Shareholders, Excluding Hess Family, Voted for Elliott Nominees
OVER 50% OF ALL SHAREHOLDERS VOTED FOR ELLIOTT'S NOMINEES
RESULTING IN TERRIFIC OUTCOME FOR ALL SHAREHOLDERS
SUBSTANTIAL REFRESH OF BOARD ACCOMPLISHED IN ONE ELECTION CYCLE
9 NEW INDEPENDENT DIRECTORS JOIN HESS BOARD
RODNEY CHASE, HARVEY GOLUB AND DAVID MCMANUS TO JOIN BOARD
HESS FAMILY AGREES TO VOTE TO DESTAGGER BOARD
HESS WILL SPLIT CHAIRMAN AND CEO ROLE
"The reassessment and transformation of Hess is underway. We are extremely proud to have been the catalyst for welcomed changes.
Much has been accomplished from our active engagement with the Company, and we look forward to further constructive dialogue. After the public announcement of Elliott's intention to nominate directors, Hess has begun to change:
- Complete reconstitution of Board with 9 new independent directors to replace incumbents - first time a non-management incumbent director has stepped down in a decade
- Chairman and CEO role to be split
- Board of Directors to destagger
- Complete divestment of downstream assets
- Beginning steps undertaken to reposition upstream portfolio
- Commitment made to monetize Bakken midstream assets
- 150% increase in dividend - first increase in a decade
- Pledge to return $4 billion of capital to Shareholders through buybacks - first buyback in a decade
As we have always stated, we believe Hess has terrific assets that should generate outstanding returns for Shareholders. We are encouraged that there is now a Board and a governance structure in place to ensure delivery of those returns. We look forward to the Company following through on its promises and to reaping the benefits along with all Shareholders."
Elliott Associates, L.P. and Elliott International, L.P. ("Elliott") filed a definitive proxy statement and an accompanying proxy card with the Securities and Exchange Commission ("SEC") on April 3, 2013. Stockholders are advised to read the definitive proxy statement, and other materials filed with the SEC, because they contain important information concerning Elliott's solicitation of proxies for the 2013 Hess Annual Meeting of Stockholders, including information concerning the participants in that solicitation. These materials are available for no charge at the SEC's website at www.sec.gov or by directing a request to Elliott's proxy solicitor, Okapi Partners, at its toll-free number (877) 796-5274 or via email at email@example.com.
Cautionary Statement Regarding Forward-Looking Statements
The information herein contains "forward-looking statements." Specific forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and include, without limitation, words such as "may," "will," "expects," "believes," "anticipates," "plans," "estimates," "projects," "targets," "forecasts," "seeks," "could" or the negative of such terms or other variations on such terms or comparable terminology. Similarly, statements that describe our objectives, plans or goals are forward-looking. Our forward-looking statements are based on our current intent, belief, expectations, estimates and projections regarding the Company and projections regarding the industry in which it operates. These statements are not guarantees of future performance and involve risks, uncertainties, assumptions and other factors that are difficult to predict and that could cause actual results to differ materially. Accordingly, you should not rely upon forward-looking statements as a prediction of actual results and actual results may vary materially from what is expressed in or indicated by the forward-looking statements.
About Elliott Management:
Elliott's two funds, Elliott Associates, L.P. and, Elliott International, L.P., together have more than $21 billion of assets under management. Founded in 1977, Elliott is one of the oldest hedge funds under continuous management. The Elliott funds' investors include large institutions, high-net-worth individuals and families, and employees of the firm.
Sloane & Company
Sloane & Company
Okapi Partners LLC
Bruce H. Goldfarb/ Pat McHugh/Geoff Sorbello
KEYWORDS: United States North America New York
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