Europa Cruise Proxy Group Ends Effort To Seat Rafferty On Board
ROCKY RIVER, Ohio -(Dow Jones)- A committee of dissident Europa Cruises Corp. (KRUZ) shareholders ended its efforts to seat James Rafferty as a director, falling short of the 17.2 million votes necessary.
The Committee Of Concerned Europa Stockholders, formed by Europa Cruises directors John Duber and James Illius, said Rafferty received about 16 million votes. In April, the committee reported that it beneficially owned nearly 7 million shares of Europa Cruises, or about 21.4%.
In a press release Tuesday, the committee said it will not mount an effort to convert its consent solicitation to a proxy battle for control of the entire board.
Europa's board has been split over development of the company's Mississippi Gulf Coast property. In April, the committee announced it wanted to reconstitute the company's board and replace Chairman and Chief Executive Deborah A. Vitale with its own nominee, Rafferty. At the same time, a group led by Vitale announced it would solicit proxies to replace Duber with its own nominee, Frank Williams.
Earlier this month, the committee said proxy adviser Institutional Shareholder Services recommended that shareholders elect Rafferty to the board and remove Vitale.
The committee said Tuesday it is disappointed that the Rafferty proposal was defeated. The proposal provided for the company to own and operate a casino itself, rather than though a bigger joint-venture project proposed by current management.
Europa Cruises intends to develop a destination casino resort and hotel at its 404-acre site on the Bay of St. Louis in Diamondhead, Miss. The company's shares recently traded at 66 cents on the over-the-counter Bulletin Board.
-Dorothea Degen; Dow Jones Newswires; 201-938-5400 |
