In a recently-amended filing with the US Securities and Exchange Commission, William Crowley, William Harker, and Stephen Blass’s Ashe Capital stated that it had withdrawn its director nomination and governance proposals for Allison Transmission Holdings Inc (NYSE:ALSN). Ashe Capital owns some 10.03 million shares of Allison Transmission Holdings Inc (NYSE:ALSN), which represent 5.9% of the company’s outstanding stock. The investor increased the position earlier this year from 9.42 million shares held at the end of 2015.
“In view of the Issuer’s announcement on March 14, 2016 that the Board had added (i) two new qualified independent directors and, most importantly, determined to nominate another stockholder to the Board, and (ii) adopted each of the three corporate governance enhancements substantially in the form proposed by the Reporting Persons, the Reporting Persons have withdrawn their director nomination and governance proposals from consideration at the Annual Meeting,” Ashe Capital stated in its filing.
Earlier this year, Ashe requested for William Crowley to be nominated to Allison’s board of directors.
In a statement, Allison’s Chairman and CEO, Lawrence E. Dewey, said:
“We appreciate the active dialogue we have had with Ashe since they first invested in Allison, and are pleased that we now have the support of Ashe at the 2016 Annual Meeting. In announcing three new independent directors and implementing several corporate governance enhancements, the Board carefully considered the views and input from Allison stockholders, including Ashe, and we believe that the interests of Allison and all stockholders are closely aligned. Allison’s Board and management team are committed to maintaining an open and constructive engagement with our stockholders and will continue to take actions to grow the Company and create value.”
You can access the original SEC filing by clicking here.
Ownership Summary Table
|Name||Sole Voting Power||Shared Voting Power||Sole Dispositive Power||Shared Dispositive Power||Aggregate Amount Owned Power||Percent of Class|
|Ashe Capital Management||10,031,115||0||10,031,115||0||10,031,115||5.9%|
|William C. Crowley||4,020||0||4,020||0||4,020||0.0%|
Page 1 of 5 SEC Filing
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