ISS backs activist directors for Omega Protein's board
June 16 (Reuters) - A shareholder advisory service has recommended that Omega Protein Corp. stock holders vote for two directors brought forward by an activist investor to serve on the company's board.
Institutional Shareholder Services (ISS) threw its support behind Michael Christodolou and David Clarke, two board candidates that Wynnefield Capital has nominated in its proxy fight against the nutritional product company.
ISS found Wynnefield's nominees are more likely to deliver changes needed at the company than the targeted incumbent board members, the New York hedge fund said in a press release. Wynnefield owns 7.9 percent of Omega shares, a stake worth around $30 million according to the firm's last quarterly filing.
According to Wynnefield's statement, ISS said Omega's main problem is the company's struggle with its strategic alternatives and the impact these investments have on the company's stock returns and profitability.
(Reporting by Michael Flaherty; Editing by Chizu Nomiyama)
