NEW YORK, June 18, 2014 /PRNewswire/ -- Clinton Group,
Inc. ("Clinton Group") today commented on the preliminary vote
tallies from the 2014 annual meeting of shareholders of
ValueVision Media, Inc. (Nasdaq: VVTV), noting that shareholders
have expressed overwhelming support for change in the composition
of the Board of Directors.
Clinton Group expects that once the election results are
certified, six of the eight directors of ValueVision will have
joined the Board in 2014.
"According to our analysis of the votes that were cast, we
believe that every institutional investor, mutual fund, hedge fund
and other professional investment organization, save one, among
ValueVision's top twenty-five owners voted for change this year,"
said Gregory P. Taxin, President of
Clinton Group. "We are pleased that four of our nominees received
support from more than 70% of the shares voted by public
shareholders and were elected to the Board."
Mr. Taxin continued, "The election results are a clear message
from shareholders that ValueVision needs to chart a different
course, under new leadership. We are confident that there will be a
solid, cohesive majority on the Board to implement the changes to
strategy and management shareholders have demanded."
About Clinton Group, Inc.
Clinton Group, Inc. is a Registered Investment Advisor based in
New York City. The firm has been
investing in global markets since its inception in 1991 with
expertise that spans a wide range of investment styles and asset
classes.
Important Additional Information
CLINTON RELATIONAL OPPORTUNITY MASTER FUND, L.P., CLINTON
RELATIONAL OPPORTUNITY, LLC, GEH CAPITAL, INC., CLINTON SPECIAL
OPPORTUNITIES MASTER FUND, LTD., CHANNEL COMMERCE PARTNERS, L.P.,
CLINTON GROUP, INC., GEORGE E. HALL
(COLLECTIVELY, "CLINTON") THOMAS D.
BEERS, MARK BOZEK,
RONALD L. FRASCH, THOMAS D. MOTTOLA, ROBERT ROSENBLATT AND FRED
SIEGEL (TOGETHER WITH CLINTON, THE "PARTICIPANTS") AND/OR CERTAIN
AFFILIATED PARTIES HAVE FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION (THE "SEC") A DEFINITIVE PROXY STATEMENT AND
ACCOMPANYING FORM OF PROXY CARD TO BE USED IN CONNECTION WITH THE
PARTICIPANTS' SOLICITATION OF PROXIES FROM THE STOCKHOLDERS OF
VALUEVISION MEDIA, INC. (THE "COMPANY") FOR USE AT THE COMPANY'S
2014 ANNUAL MEETING OF STOCKHOLDERS (THE "PROXY SOLICITATION"). ALL
STOCKHOLDERS OF THE COMPANY ARE ADVISED TO READ THE DEFINITIVE
PROXY STATEMENT AND OTHER DOCUMENTS RELATED TO THE PROXY
SOLICITATION BY THE PARTICIPANTS BECAUSE THEY CONTAIN IMPORTANT
INFORMATION, INCLUDING ADDITIONAL INFORMATION RELATED TO THE
PARTICIPANTS. THE DEFINITIVE PROXY STATEMENT AND ACCOMPANYING PROXY
CARD HAVE BEEN FURNISHED TO SOME OR ALL OF THE COMPANY'S
STOCKHOLDERS AND ARE, ALONG WITH OTHER RELEVANT DOCUMENTS,
AVAILABLE AT NO CHARGE ON THE SEC'S WEB SITE AT
HTTP://WWW.SEC.GOV/. IN ADDITION, OKAPI PARTNERS LLC, CLINTON'S
PROXY SOLICITOR, WILL PROVIDE COPIES OF THE DEFINITIVE PROXY
STATEMENT AND ACCOMPANYING PROXY CARD WITHOUT CHARGE UPON REQUEST
BY CALLING (212) 297-0720 OR TOLL FREE AT (855) 305-0857.
ADDITIONAL INFORMATION ABOUT THE PARTICIPANTS AND A DESCRIPTION
OF THEIR DIRECT OR INDIRECT INTERESTS BY SECURITY HOLDINGS IS
CONTAINED IN THE DEFINITIVE PROXY STATEMENT ON SCHEDULE 14A FILED
BY CLINTON ON MAY 13, 2014 AND IN THE DEFINITIVE ADDITIONAL
MATERIALS ON SCHEDULE 14A FILED BY CLINTON
ON MAY 22, 2014 AND
JUNE 6, 2014. THESE DOCUMENTS CAN BE
OBTAINED FREE OF CHARGE FROM THE SOURCES INDICATED ABOVE.
SOURCE Clinton Group, Inc.