ARLINGTON, Va., June 7, 2016 /PRNewswire/ -- Arlington Asset
Investment Corp. (NYSE: AI) (the "Company" or "Arlington") today reminded Arlington shareholders to vote "FOR
ALL" the Company's highly qualified and experienced director
nominees included on the WHITE proxy card in connection with
the Company's 2016 Annual Meeting of Stockholders being held on
Thursday, June 9, 2016. Given that
the Annual Meeting is just two days away, Arlington shareholders should vote by
telephone or via Internet using the instructions provided with the
WHITE proxy card and related materials.
IT IS IMPORTANT THAT ARLINGTON SHAREHOLDERS VOTE AS SOON AS
POSSIBLE
NO MATTER HOW MANY OR HOW FEW SHARES THEY
OWN
Arlington's Board and
management team have a track record of delivering consistent strong
performance that has facilitated our payment of a robust
dividend to shareholders each quarter for 25 consecutive quarters –
totaling $19.40 per share.
Arlington's highly qualified
director nominees are aligned with shareholders and bring a deep
understanding of and experience in the Company's industry that have
allowed Arlington to provide
consistent results.
In contrast, there is significant risk posed by the nominees
from Imation Corp., a legacy technology company, and the Clinton
Group, a New York City-based hedge
fund (collectively, the "Imation Group") with their track record of
value destruction and numerous self-dealing transactions. Since the
Clinton Group won its proxy contest at Imation last year, Imation's
stock has lost more than 60% of its value. And as the Imation stock
price has declined, the Imation board engaged in self-dealing
transactions with the Clinton Group and other board members
involving more than $50 million,
representing almost 80% of Imation's market capitalization today.
Arlington cautions shareholders
not to elect the Imation Group nominees and thereby risk putting
themselves in the same position as Imation shareholders.
THE NATION'S THREE LEADING INDEPENDENT PROXY
ADVISORY FIRMS RECOMMEND ARLINGTON
SHAREHOLDERS VOTE FOR ALL OF ARLINGTON'S DIRECTOR NOMINEES ON THE WHITE
PROXY CARD
Arlington urges shareholders
not to be misled by the rhetoric from the Imation Group and to
consider the independent commentary supporting the Arlington nominees. Arlington notes that the three leading
independent proxy advisory firms, Institutional Shareholder
Services ("ISS"), Glass Lewis & Co. ("Glass Lewis") and
Egan-Jones Proxy Services ("Egan-Jones"), have recommended that
Arlington shareholders vote
"FOR ALL" eight of Arlington's director nominees.
In its May 28, 2016 report, ISS
concluded1:
- "Though it is common for management teams facing a proxy
contest to malign the intentions of the activist, in this case the
board's view of the dissident's real intentions actually provides
the most compelling – perhaps the only rational – economic
explanation for the contest itself. Ultimately there is but
one way for unaffiliated shareholders to find out – and the risk of
opening that door to find out what's behind it is so asymmetrically
against them that it cannot possibly be worth considering. It is
enough to recognize that whatever their intentions if they gain
control of the board, the dissidents have not made even a
remotely compelling case that change in the board, executive team,
or strategy is warranted." (Emphasis added)
And, in its May 27, 2016 report,
Glass Lewis concluded1:
- "Finally, we have a hard time taking the Dissidents' campaign
particularly seriously given the relatively nominal economic
commitment made by the Dissidents (who currently own less than
1/20th of 1% of the Company's outstanding shares) and the fairly
short amount of time that the Dissidents have been shareholders of
the Company (a period spanning less than three months). The
aforementioned factors, coupled with the fact that the Dissidents
are suddenly seeking board-level control without making any prior
attempts to engage in substantive dialogue with the Company's
board, suggest to us that the Dissidents are likely more
interested in pursuing a stealth takeover of the Company as opposed
to truly taking steps to enhance value for all Arlington shareholders." (Emphasis
added)
TIME IS SHORT – DO NOT LET THE IMATION GROUP
DESTROY ARLINGTON AND ITS
DIVIDEND
Both ISS and Glass Lewis highlight the significant risk to
Arlington shareholders if the
Imation Group nominees are elected, including the track record of
value destruction at Imation Corp. since the Clinton Group took
control of Imation that includes questionable self-dealing
transactions.
Arlington urges shareholders to
avoid the excessive threat posed by the Imation Group, and
vote "FOR ALL" eight of Arlington's highly qualified and experienced
nominees to the Arlington
Board.
Your Vote Is
Important, No Matter How Many or How Few Shares You
Own
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If you have any
questions or need assistance voting, please contact the firm
assisting Arlington in the solicitation of proxies:
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INNISFREE M&A
INCORPORATED
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Shareholders may
call toll free: 1-888-750-5834
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Banks and Brokers
may call collect: 212-750-5833
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IMPORTANT
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We urge you NOT to
sign any gold proxy card sent to you by the Imation
Group.
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If you have already
done so, you have every legal right to change your vote by using
the WHITE proxy card to vote TODAY—by telephone or via
Internet.
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About Arlington Asset Investment Corp.
Arlington Asset
Investment Corp. (NYSE: AI) is a principal investment firm that
currently invests primarily in mortgage-related and other assets.
The Company is headquartered in the Washington, D.C. metropolitan area. For more
information, please visit www.arlingtonasset.com.
Important Additional Information
The Company, its
directors and certain of its executive officers are participants in
the solicitation of proxies in connection with the Company's 2016
Annual Meeting of Shareholders. The Company has filed a definitive
proxy statement and form of WHITE proxy card with the U.S.
Securities and Exchange Commission (the "SEC") in connection with
such solicitation of proxies from the Company's shareholders. WE
URGE INVESTORS TO READ THE DEFINITIVE PROXY STATEMENT (INCLUDING
ANY AMENDMENTS AND SUPPLEMENTS THERETO) AND ACCOMPANYING WHITE
PROXY CARD CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN
IMPORTANT INFORMATION.
Information regarding the names of the Company's directors and
executive officers and their respective interests in the Company by
security holdings or otherwise as of April
7, 2016, is set forth in the Company's definitive proxy
statement for its 2016 Annual Meeting of Shareholders, filed with
the SEC on April 18, 2016. Additional
information can be found in the Company's Annual Report on Form
10-K for the year ended December 31,
2015, filed with the SEC on February
16, 2016. These documents are available free of charge at
the SEC's website at www.sec.gov.
Shareholders will be able to obtain, free of charge, copies of
these documents, including any proxy statement (and amendments or
supplements thereto) and accompanying WHITE proxy card, and other
documents filed with the SEC at the SEC's website at www.sec.gov.
In addition, copies will also be available at no charge at the
Investors section of the Company's website at
http://www.arlingtonasset.com/.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995
Certain statements in this communication
that are not historical facts are forward-looking statements.
Forward-looking statements involve various important assumptions,
risks and uncertainties. Actual results may differ materially from
those predicted by the forward-looking statements because of
various factors and possible events. We discuss these factors and
events, along with certain other risks, uncertainties and
assumptions, under the heading "Risk Factors" in our Annual Report
on Form 10-K for the year ended December 31,
2015, and in our other filings with the SEC. We note these
factors for investors as contemplated by the Private Securities
Litigation Reform Act of 1995. Predicting or identifying all such
risk factors is impossible. Consequently, investors should not
consider any such list to be a complete set of all potential risks
and uncertainties. Forward-looking statements speak only as of the
date on which they are made, and we undertake no obligation to
update any forward-looking statement to reflect circumstances or
events that occur after the date of the statement to reflect
unanticipated events. All subsequent written and oral
forward-looking statements attributable to us or any person acting
on behalf of the Company are qualified by the cautionary statements
in this section.
1 Permission to use quotations neither sought nor
obtained.
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SOURCE Arlington Asset Investment Corp.