Destination Maternity issues letter to stockholders on director nominations
Destination Maternity has sent a letter to its stockholders. Highlights of the letter include: "(...) at the upcoming 2018 Annual Meeting of Stockholders, we encourage you to consider the following reasons to support Destination's director nominees on the white proxy card, and to ignore and throw out any gold proxy materials you receive from a dissident group of stockholders led by Nathan G. Miller and Peter O'Malley (...) Destination has a strong mix of newly appointed and deeply experienced directors collectively possessing a deep knowledge of the retail and apparel landscape. (...) Destination's Board and Management have a clear go-forward strategy that is yielding results. (...) Destination's nominees bring significant C-suite and public company boardroom experience, as opposed to the Miller Group's nominees who have none. (...) proxy advisory firms ISS and Glass Lewis both independently recommend stockholders vote on the company's white proxy card. (...) Not only has the Miller Group used inaccurate and incomplete information to attack the company's compensation structure without noting that Destination stockholders have given affirmative say-on-pay votes each year, it has levelled vague accusations about the company's governance practices (...) the Miller Group has threatened to sue the Board, the company and Orchestra-Premaman (our largest stockholder) after the annual meeting in an attempt to stop Orchestra-Premaman from exercising its right as a stockholder to vote its shares in favor of the Board's highly qualified nominees. (...)"