Rice Team says Egan-Jones recommends EQT shareholders vote for all nominees
The Rice Team, shareholders of EQT Corporation, announced that Egan-Jones Ratings Company, has issued a report recommending that EQT shareholders vote for all of the Rice Team nominees on the WHITE universal proxy card. Egan-Jones' conclusion is in line with the recommendation of Institutional Shareholders Services for EQT shareholders to vote for all of the Rice Team nominees, as well as public statements of support from EQT's three largest actively managed shareholders - T. Rowe Price, D.E. Shaw and Kensico Capital Management - in favor of the Rice Team nominees and plan for EQT. In making its recommendation, Egan-Jones noted: "In our view, the incumbent Board and management fall short of the operational skillset to deliver long-term shareholder value. We believe that leadership with a true understanding of energy engineering rather than financial engineering is critical in the execution of strategies that will unlock potential shareholder value...We believe that the [Rice Team] Nominees, if elected, will pursue the realization of the expected benefits of the EQT-Rice merger, which the Board and the management have failed to effectuate. With a high-potential asset base, we strongly recommend the election of leaders who will explore and develop the said potential to redeem EQT from its dismal stock performance.,,We are convinced that the [Rice Team's] 100-day plan will work towards the benefit of the Company and its shareholders. With a set of nominees with the right mix of skills, qualifications, and expertise in operations, we believe that the [Rice Team] Nominees will help EQT achieve the goal of being a low-cost natural gas company and improve its operational performance."