Clinton Group Files Preliminary Proxy For Imation

NEW YORK, March 26, 2015 /PRNewswire/ -- Clinton Group, Inc. ("Clinton Group"), a stockholder of Imation Corp. ("Imation" or the "Company") (NYSE: IMN), announced today that it had filed its preliminary proxy for the upcoming annual meeting of Imation Corp.  Clinton Group is seeking shareholder support to elect its nominees for the Company's Class I slate of Directors.

"We encourage our fellow shareholders to read our preliminary proxy materials today and the perspectives in our upcoming white paper to better understand how the Company's leadership has let them down over the past several years and ascertain our views on strategy, tactics, governance and compensation," said Joseph A. De Perio, Senior Portfolio Manager at Clinton Group. "We are hopeful that with a mandate from shareholders for significant change, our nominees are able to reverse the years of shareholder value destruction without being disruptive to the near-term execution of the business."

On the topic of the Company's ongoing strategic alternatives process, Mr. De Perio remarked, "We would support a change of control transaction at Imation at a premium stock price acceptable to all shareholders recognizing the years of fatigue and losses.  However, we are curious if now is the right time to maximize value in a sale given the ongoing proxy contest, poor recent financial performance, the lack of profitability, the year over year declines in Nexsan revenue under Imation's ownership, and the lack of scale of the Nexsan Assureon and IronKey Workspace product lines.  A sale today also foregoes any value from the employment of Imation's $732 million in federal and state net operating losses."

About Clinton Group, Inc.

Clinton Group, Inc. is a diversified asset management firm that is a Registered Investment Advisor. The firm has been investing in global markets since its inception in 1991 with expertise that spans a wide range of investment styles and asset classes.

CLINTON RELATIONAL OPPORTUNITY MASTER FUND, L.P., CLINTON RELATIONAL OPPORTUNITY, LLC, CLINTON GROUP, INC., GEH CAPITAL, INC. AND GEORGE E. HALL (COLLECTIVELY, "CLINTON") AND  JOSEPH A. DE PERIO, ROBERT B. FERNANDER AND BARRY L. KASOFF (TOGETHER WITH CLINTON, THE "PARTICIPANTS") INTEND TO FILE WITH THE SECURITIES AND EXCHANGE COMMISSION (THE "SEC") A DEFINITIVE PROXY STATEMENT AND ACCOMPANYING FORM OF PROXY CARD TO BE USED IN CONNECTION WITH THE PARTICIPANTS' SOLICITATION OF PROXIES FROM THE STOCKHOLDERS OF IMATION CORP. (THE "COMPANY") FOR USE AT THE COMPANY'S 2015 ANNUAL MEETING OF STOCKHOLDERS (THE "PROXY SOLICITATION"). ALL STOCKHOLDERS OF THE COMPANY ARE ADVISED TO READ THE DEFINITIVE PROXY STATEMENT AND OTHER DOCUMENTS RELATED TO THE PROXY SOLICITATION, WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION, INCLUDING ADDITIONAL INFORMATION RELATED TO THE PARTICIPANTS. WHEN COMPLETED, THE DEFINITIVE PROXY STATEMENT AND AN ACCOMPANYING PROXY CARD WILL BE FURNISHED TO SOME OR ALL OF THE COMPANY'S STOCKHOLDERS AND WILL BE, ALONG WITH OTHER RELEVANT DOCUMENTS, AVAILABLE AT NO CHARGE ON THE SEC'S WEBSITE AT HTTP://WWW.SEC.GOV/.

INFORMATION ABOUT THE PARTICIPANTS AND A DESCRIPTION OF THEIR DIRECT OR INDIRECT INTERESTS BY SECURITY HOLDINGS IS CONTAINED IN THE PRELIMINARY PROXY STATEMENT ON SCHEDULE 14A FILED BY CLINTON WITH THE SEC ON MARCH 26, 2015. THIS DOCUMENT CAN BE OBTAINED FREE OF CHARGE FROM THE SOURCES INDICATED ABOVE.

SOURCE Clinton Group, Inc.

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED