Investors Vow to Continue Fight to Increase Shareholder Value
SEOUL, South Korea, March 16 /PRNewswire/ -- Steel Partners II, L.P. and
Icahn Partners LP, Icahn Partners Master Fund LP and High River Limited
Partnership, collectively known as The KT&G Full Value Committee (the
"Committee") today announced that Warren Lichtenstein has been elected to the
Board of Directors of KT&G Corporation ("KT&G"),
(Korea Stock Exchange 033780 KS). Mr. Lichtenstein received the highest vote
total of any candidate. The Committee said it will use its representation on
the board which was won today to advance its proposals to unlock, protect and
enhance the value at KT&G Corporation. "I am gratified that we have won
representation on the Board of KTG despite a coordinated campaign by KT&G's
management and their allies to block our efforts," said Warren Lichtenstein,
Managing Member of Steel Partners II, L.P. "They should know that I have
never been a passive investor or director and will not be passive on the KT&G
Board of Directors. As a director of KT&G, I intend to do everything in my
power to help the company maximize long term shareholder value and prevent the
company from selling treasury shares since the company is already
overcapitalized."
Mr. Lichtenstein added: "We also intend to use board representation to
ensure that going forward all outside directors are elected by a procedure
that allows for implementation of cumulative voting for all outside directors.
If shareholders were given such an opportunity today, I am confident we would
have won an even bigger victory."
SOURCE The KT&G Full Value Committee
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CONTACT:
Michael Sitrick or Jason Booth,
+1-800-714-0289, both of Sitrick And Company, for Steel Partners
II, L.P.
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