NEW CANAAN, Conn.--(BUSINESS WIRE)--Rangeley Capital LLC (“Rangeley”), a long-term shareholder of First United Corporation (NASDAQ:FUNC) (“First United” or the “Company”), today issued a statement in response to First United’s decision to reject shareholders’ views regarding the importance of evaluating a sale in a credible, transparent manner.
Chris DeMuth Jr., Rangeley’s founder and portfolio manager, commented:
“First United’s Board of Directors is making it clear that it has little respect for its true owners’ views and no regard for the tenets of sound corporate governance—including transparent communication and director independence. By dismissing the growing wave of vocal shareholder support for a legitimate and transparently-run strategic review of alternatives, First United is only reinforcing that meaningful change is urgently needed in the boardroom. This is why Rangeley is supporting Driver Management Company’s slate of director nominees: Michael J. Driscoll, Ethan C. Elzen and Lisa Narrell-Mead.
As a long-term shareholder of First United, Rangeley has become all too familiar with the Company’s insular and unfriendly corporate governance policies. This is why we would not be satisfied in the least if First United sought to proactively refresh a sub-set of the Board of Directors with its own hand-picked replacements. Shareholders should recognize that regardless of whether a sale of the Company occurs, it will be important to have new, independently-minded directors in the boardroom that are untainted by past associations and biases. The nominees put forth by Driver Management Company can be that check in the boardroom.”
About Rangeley Capital
Rangeley Capital (www.rangeleycapital.com) is a value-oriented, event-driven investment manager that focuses on exploiting durable inefficiencies in financial markets with a wide margin of safety.
NOT A PROXY STATEMENT
This press release is not a proxy statement or a solicitation of proxies from the holders of common stock of First United Corp. and does not constitute an offer of any securities.