SAINT-AUNÈS, France, Oct. 24, 2017 /PRNewswire/ -- Orchestra-Prémaman S.A. and Yeled Invest S.A. announced today that they have issued a statement thanking shareholders of Destination Maternity Corporation (DEST) ("Destination" or the "Company") regarding the outcome of last week's Annual Meeting of Shareholders.
Orchestra Thanks You for Your Clear Message and Support
October 24, 2017
Dear Fellow Destination Maternity Shareholder:
Destination Maternity Corporation ("Destination" or the "Company") held its 2017 Annual Meeting of Shareholders on October 19, 2016, and while all four of Destination's nominees to the Board of Directors (the "Board") were re-elected, Orchestra-Prémaman S.A. and Yeled Invest S.A. (collectively, "Orchestra") would like to thank the Company's shareholders for their encouraging display of support. Pursuant to the certified tabulation of votes received by the Company, Destination's nominees were narrowly re-elected to the Board – the Company's four nominees received the approval of an average of only 5,213,773 shares (a mere 37.35% of the Company's total outstanding shares of common stock as of the record date), while the nominees received an average of 3,897,302 shares (or 42.78% of shares "entitled to vote" at the Annual Meeting) as cast as either "AGAINST" or "ABSTAIN" from the re-election of the Company's slate of directors, even with no alternative slate of directors available for election!
Orchestra extends its sincere thanks to the shareholders of Destination who took the time to listen to our concerns before voting. You have clearly demonstrated to the Company that there is a groundswell of support from its shareholders who share Orchestra's view that with the right leadership and skill sets, the Company can be a great turnaround story resulting in long-term share price recovery for the benefit of all shareholders. The time is now for decisive action by the newly reelected directors to ensure fast, tangible improvements at the Company. We hope that shareholders will continue to demand accountability from the re-elected directors.
In particular, Orchestra calls on the newly re-elected directors to maintain this forward momentum by fostering more open and productive engagement with its shareholders. The results of the vote clearly indicate that just over two-fifths of the Company's shareholders have become disillusioned with the Company's current management and engagement landscape – it is time to address these issues. Specifically, Orchestra believes the Board can cultivate a better and more inclusive future for the Company by involving shareholders in the following actions:
- Identifying and selecting new directors with the right skill sets, experience and drive to create an expanded Board able to efficiently adapt to the Company's evolving competitive landscape;
- Analyzing and determining a more comprehensive and detailed turnaround strategy moving forward; and
- Establishing clear and measurable targets – that the Company will publicly announce – to ensure that management can be held accountable for achieving adequate turnaround progress.
Orchestra believes that the results of your vote is eloquent testimony that there is strong shareholder support for important improvements in Company management and thanks you for clearly voicing your opinion to the Company's newly re-elected directors. Orchestra calls upon these directors to listen heed this testimony as they move forward as fiduciaries acting for all Destination shareholders in the coming year.
Orchestra Thanks Destination's Shareholders
Warning Regarding Forward Looking Statements
THIS PRESS RELEASE CONTAINS FORWARD LOOKING STATEMENTS. FORWARD LOOKING STATEMENTS CAN BE IDENTIFIED BY USE OF WORDS SUCH AS "OUTLOOK", "BELIEVE", "INTEND", "EXPECT", "POTENTIAL", "WILL", "MAY", "SHOULD", "ESTIMATE", "ANTICIPATE", AND DERIVATIVES OR NEGATIVES OF SUCH WORDS OR SIMILAR WORDS. FORWARD LOOKING STATEMENTS IN THIS PRESS RELEASE ARE BASED UPON PRESENT BELIEFS, EXPECTATIONS, ESTIMATES AND PROJECTIONS REGARDING THE COMPANY AND PROJECTIONS REGARDING THE INDUSTRY IN WHICH IT OPERATES. HOWEVER, FORWARD LOOKING STATEMENTS AND THEIR IMPLICATIONS ARE NOT GUARANTEED TO OCCUR AND MAY NOT OCCUR AS A RESULT OF VARIOUS RISKS, REASONS AND UNCERTAINTIES. FURTHER, SUCH RISKS, REASONS AND UNCERTAINTIES COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY. ACCORDINGLY, YOU SHOULD NOT RELY UPON FORWARD-LOOKING STATEMENTS AS A PREDICTION OF ACTUAL RESULTS AND ACTUAL RESULTS MAY VARY MATERIALLY FROM WHAT IS EXPRESSED IN OR INDICATED BY THE FORWARD-LOOKING STATEMENTS.