Oliver Press Partners L.L.C. has acted on its plans to nominate 3 directors to the board of Phoenix Companies Inc.
Oliver Press, New York, an investment firm that owns about 5% of the stock of Phoenix, Hartford, has sent a letter to Phoenix shareholders asking them to vote for its nominees.
Augustus Oliver and Clifford Press, the managing members of the firm, write in the letter that they want to improve management of Phoenix and increase the price of its stock.
The Oliver Press nominees are Oliver; Carl Santillo, who has been an executive of American International Group Inc., New York; and John Clinton, a principal at Farmington Capital Management L.L.C., Hartford, a private equity firm that is a successor to a company formed by Conning & Company, Hartford.
Phoenix has recommended that shareholders vote against the Oliver Press nominees.