USA Truck Reaches Co-op Agreement
by May 23, 2014 8:24 am 157 views
Van Buren-based trucking company USA Truck Inc. announced a cooperation agreement Friday with investment firms Baker Street Capital Management LLC and Stone House Capital Management LLC, who combine to hold a 28 percent stake in the company through their entity of United Shareholders for the Benefit of USAK.
Terms of the deal state USA Truck will appoint Vadim Perelman, managing partner and chief investment officer of Baker Street Capital, and Thomas Glaser to its board of directors, expanding the board to nine members.
The United Shareholders, according to a news release, have also agreed to vote all of their shares for the election of William H. Hanna and James D. Simpson as directors, and in favor of the other proposals submitted for stockholder approval at the 2014 Annual Meeting.
The shareholders group also agreed to certain customary standstill provisions through the date that is 10 days prior to the deadline for submission of stockholder nominations for the 2015 Annual Meeting.
“As always, the USA Truck Board is dedicated to creating value for our shareholders and we appreciate the constructive input that Baker Street Capital and Stone House Capital have provided towards our mutual goal over the past several months,” USA Truck chairman Robert Peiser said in the release. “We welcome both Vadim Perelman and Tom Glaser to the Board.”
USA Truck is holding its shareholders meeting today.