Lakeland Industries seeks to change supermajority voting requirements at annual meeting June 18

By Lisa Kerner

Charlotte, N.C., May 16 - Lakeland Industries, Inc. said it will ask shareholders to approve the repeal of the supermajority voting requirements applicable to certain business combinations at its 2008 annual meeting on June 18.

If the proposal is approved, only a simple majority vote of the issued and outstanding shares will be required to approve business combinations involving Lakeland, a company news release stated.

Lakeland president and chief executive officer Christopher J. Ryan explained that the current supermajority voting requirements "may hinder or discourage potential acquirers who would otherwise consider acquiring Lakeland."

Ryan denied the desired change has anything to do with Seymour Holtzman's withdrawing his slate of two directors for election at Lakeland's upcoming shareholder meeting.

It was previously reported that the veteran shareholder activist and his affiliates withdrew their nominations in order to spare Lakeland further expenses.

Lakeland said in an earlier statement that it would not be bullied into accepting the demands of Holtzman, whom the company accused of seeking to further his own personal agenda.

The company cited Holtzman's taking control of "past targets" Casual Male Retail Group, Inc. and George Foreman Enterprises, Inc.

Holtzman chided the board for spending money on attorney's fees in connection with the proposed proxy contest when the investor said he was "willing to accept one non-voting observer at the board" after the company rejected his earlier request for board representation, it was reported in a schedule 13D filing with the Securities and Exchange Commission.

In January, Holtzman recommended the nomination of himself, Dennis R. Hernreich and Efrem Gerszberg, a prior news release said.

Holtzman is a director and chairman of the board of Casual Male Retail Group. Hernreich is the executive vice president, chief operating officer, chief financial officer and treasurer of Casual Male Retail Group. Gerszberg has been the president of George Foreman Enterprises since May of 2004.

Lakeland is a Ronkonkoma, N.Y.-based safety garment manufacturer.

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