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June 05, 2006 at 08:00 PM
RICHMOND, Va. (HedgeWorld.com)–Massey Energy Company announced Tuesday [May 30] that the preliminary count from the company’s recent shareholders’ meeting indicates hedge fund Third Point LLC, New York, has obtained at least one seat on the company’s board of directors.
Third Point didn’t return a telephone call requesting comment Wednesday.
Massey’s statement cautioned that results haven’t been certified by the independent tabulator, and that the task of determining final results is complicated by the provision in the company’s charter that permits cumulative voting for directors.
The company and Third Point agree, the statement said, that preliminary results indicate Third Point has gained one seat, but they disagree beyond that. The Massey statement says, “The Company’s interpretation ?? 1/2 indicates that Third Point has obtained only the one seat while Third Point’s interpretation indicates that it obtained a second seat?? 1/2 .”
At the annual meeting, May 16, the company asked shareholders to reelect three current board members: John C. Baldwin, James B. Crawford, and E. Gordon Gee. Third Point proposed a slate of two: Daniel Loeb (Third Point’s principal) and Todd Swanson.
