SAN FRANCISCO--(BUSINESS WIRE)--Voce Capital Management LLC (“Voce”) today commented on the results of the annual meeting of shareholders of CONMED Corporation (“ConMed” or the “Company”) (Nasdaq:CNMD), which the Board had delayed for several months and finally held yesterday. Based on preliminary voting results, Voce believes that its three nominees were not elected to the Board.
Since Voce’s first public letter to ConMed on November 4, 2013, the Company has taken a series of steps that Voce believes would never have occurred without Voce’s involvement. These include, among other things, the retirement of four directors including the Chairman/founder; the departure of the CEO; the termination of a variety of offensive corporate governance practices; and a review of the Company’s strategic alternatives – albeit a brief and controversial one.
J. Daniel Plants, Voce’s Managing Partner, said: “These developments were apparently sufficient to satisfy a plurality of ConMed’s shareholders that enough change has occurred – at least for now. While we obviously believed, and still do, that the Company’s reactive steps didn’t go far enough and in some cases were retrograde, we respect the outcome of the vote.”
Voce notes that leading advisory firm Glass Lewis credited Voce with the steps that ConMed had taken and also endorsed Voce’s calls for further changes at ConMed by supporting two of Voce’s nominees. Several of ConMed’s largest institutional investors voted for Voce’s candidates, two of whom ultimately received substantial, if not plurality, support.
Mr. Plants concluded: “We appreciate the support expressed by many of ConMed’s shareholders for our efforts on their behalf and the votes they cast for our nominees. We would especially like to thank Jim Green and Josh Levine for the generosity of their offer to supplement ConMed’s Board with their lengthy, relevant experience. They would have been tremendous assets to ConMed as it confronts the challenges it now faces.”
About Voce Capital Management
Voce Capital Management LLC (“Voce”) is an employee-owned investment manager and the advisor to Voce Catalyst Partners LP, a private investment partnership. Voce employs a value-driven, governance-focused investment strategy and is based in San Francisco, California.