ArlingtonAsset Investment Corp. said April 8 that Imation Corp., acting inconcert with a fund affiliated with Clinton Group Inc., plans to nominate a controllingslate of six candidates to stand for election to the Arlington Asset Investmentboard at the 2016 annual shareholder meeting.
Together, Imation and Clinton owned less than 0.1% ofArlington's outstanding common shares at the time that it submitted the noticeto Arlington Asset Investment, all of which have been acquired since thebeginning of March. Imation holds 10,000 Arlington Asset Investment class Acommon shares, and Clinton Group owns 1,000 class A common shares. Imation isan information technology data storage and data security company.
Arlington Asset Investment said shareholders should vote forall of its director nominees at the annual meeting. The company's nominees areEric Billings, J. Rock Tonkel Jr., Daniel Altobello, Daniel Berce, DavidFaeder, Peter Gallagher, Ralph Michael III and Anthony Nader III. The ArlingtonAsset Investment board recommended against the shareholders' proposals,according to a preliminary proxy statement.
Arlington Asset Investment said it has engaged theshareholders after receipt of their notice but they refused to disclose theirstrategic plan for the company.
"We believe that shareholders should be very concernedthat the Imation Group, which collectively owns less than 0.1% of the company'sshares and only very recently purchased its shares, took this aggressive actionprior to ever engaging in any discussions with Arlington," the companysaid in a news release.