Rentech Comments on Nomination of Directors by Engaged Capital and Lone Star Value
January 13 2014 - 2:15PM
Business Wire
Rentech, Inc. (NASDAQ: RTK) today issued the following statement
in response to the nomination by Engaged Capital, LLC (Engaged) and
Lone Star Value Management, LLC (Lone Star Value) of four
candidates to be considered for election to Rentech’s Board of
Directors at its 2014 Annual Meeting of Shareholders.
Rentech is always open to constructive input from our
shareholders as part of the Company’s constant focus on maximizing
shareholder value. In keeping with our commitment to maintain a
highly qualified and experienced Board, Rentech’s Nominating and
Corporate Governance Committee will carefully evaluate Engaged’s
and Lone Star Value’s nominees and recommend in due course to the
full Board nominees that it believes will best serve the interests
of the Company and all of its shareholders.
Our Board of Directors and management team continue to believe
that execution of our strategy over the coming months will create
significant value for shareholders. We have identified
opportunities for substantial growth with attractive returns in our
wood fibre business. Subject to market conditions, we see a
compelling opportunity for an IPO of the fibre business as an MLP
in less than two years, which we believe would create additional
value for our shareholders. We also remain confident in the
fundamentals of our nitrogen fertilizer business.
At this time, no action by Rentech shareholders is required. The
Company will continue to communicate with our shareholders as
appropriate, and encourages them to review Rentech’s proxy
materials when they become available.
Credit Suisse is acting as financial advisor and Latham &
Watkins LLP is acting as legal advisor to Rentech.
About Rentech, Inc.
Rentech, Inc. (www.rentechinc.com) owns and operates wood fibre
processing and nitrogen fertilizer manufacturing businesses. The
wood fibre processing business consists of the provision of wood
chipping services and the manufacture and sale of wood chips,
through a wholly-owned subsidiary, Fulghum Fibres, Inc., and the
development of wood pellet production facilities. Rentech’s
nitrogen fertilizer business consists of the manufacture and sale
of nitrogen fertilizer through its publicly-traded subsidiary,
Rentech Nitrogen Partners, L.P. (NYSE: RNF). Rentech also owns the
intellectual property including patents, pilot and demonstration
data, and engineering designs for a number of clean energy
technologies designed to produce certified synthetic fuels and
renewable power when integrated with third-party technologies.
Safe Harbor Statement
This press release contains forward-looking statements as
defined in the Private Securities Litigation Reform Act of 1995
about matters such as: the potential for substantial growth in our
wood fibre business; the return profile of such growth
opportunities; the possibility of a MLP IPO for that business in
less than two years; and the fundamentals for our fertilizer
business. These statements are based on management’s current
expectations and actual results may differ materially as a result
of various risks and uncertainties. Other factors that could cause
actual results to differ from those reflected in the
forward-looking statements are set forth in the Company’s prior
press releases and periodic public filings with the Securities and
Exchange Commission (“SEC”), which are available via Rentech’s
website at www.rentechinc.com. The forward-looking statements in
this press release are made as of the date of this press release
and Rentech does not undertake to revise or update these
forward-looking statements, except to the extent that it is
required to do so under applicable law.
Additional Information and Where You Can Find It
Rentech, its directors and certain of its executive officers may
be deemed to be participants in the solicitation of proxies from
shareholders in connection with its annual meeting of shareholders
to be held in 2014 (the “2014 Annual Meeting”). Rentech plans to
file a proxy statement with the SEC in connection with the
solicitation of proxies for the 2014 Annual Meeting (the “2014
Proxy Statement”). Additional information regarding the identity of
these potential participants and their direct or indirect
interests, by security holdings or otherwise, will be set forth in
the 2014 Proxy Statement and other materials to be filed with the
SEC in connection with the 2014 Meeting. This information can also
be found in Rentech’s definitive proxy statement for its annual
meeting of shareholders held in 2013, filed with the SEC on April
30, 2013 (the “2013 Proxy Statement”). To the extent holdings of
Rentech’s common stock have changed since the amounts printed in
the 2013 Proxy Statement, such changes have been or will be
reflected on Statements of Change in Ownership on Form 4 filed with
the SEC.
SHAREHOLDERS ARE URGED TO READ THE 2014 PROXY STATEMENT
(INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), 2013 PROXY
STATEMENT AND ANY OTHER RELEVANT DOCUMENTS THAT RENTECH HAS FILED
OR WILL FILE WITH THE SEC BECAUSE THEY CONTAIN IMPORTANT
INFORMATION.
Shareholders will be able to obtain, free of charge, copies of
the 2014 Proxy Statement (when available), 2013 Proxy Statement and
any other documents filed or to be filed by Rentech with the SEC in
connection with the 2014 Meeting at the SEC's website
(http://www.sec.gov).
Rentech, Inc.Investors:Julie Dawoodjee CafarellaVice
President of Investor Relations and
Communications310-571-9800ir@rentk.comorMedia:Sard Verbinnen &
CoJohn Christiansen/Megan Bouchier415-618-8750
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