Texas Industries shareholder's nominees elected, proposals passed

By Lisa Kerner

Charlotte, N.C., Oct. 28 - Shamrock Activist Value Fund, LP said its three director nominees - Marjorie L. Bowen, Dennis A. Johnson and Gary L. Pechota - were "overwhelmingly" elected to the board of directors of Texas Industries, Inc. at the company's Oct. 22 annual meeting.

According to the certified voting results, more than 90% of the 22,460,557 shares voted supported the shareholder's proposal to declassify the board and hold annual elections for all directors as well as to submit the company's poison pill to a shareholder vote, said a Shamrock news release.

Shamrock said 88% of the shares voted to support its proposal requesting that the board implement majority voting in uncontested director elections.

"We believe these results send a positive message that Texas Industries shareholders expect directors to be responsive and accountable," Dennis Johnson, managing director of Shamrock Capital Advisors, the investment manager for the Shamrock Activist Value Fund, said in the release.

Texas Industries is a Dallas-based construction materials company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.