NEW YORK--(BUSINESS WIRE)--Elliott Management Corporation (“Elliott”), one of the largest shareholders of Hess Corporation (NYSE: HES), today issued the following statement regarding the latest report from Institutional Shareholder Services (ISS) reiterating its support for the full slate of independent shareholder nominees.
“In fully endorsing this slate, ISS acknowledged the serious lack of oversight and accountability at the Board level at Hess and emphasized the strong experience and qualifications of Elliott’s nominees.
As ISS said in its report last week and reiterated today, ‘The dissidents have made a compelling case that a change in the composition of the board is necessary, and have proposed a slate of nominees that are well positioned to effect this change. Thus, shareholders should vote FOR the five dissident nominees—Chase, Golub, Kurz, McManus, and Smith—on the GREEN CARD.’
Change is coming to Hess to the benefit of all shareholders. We encourage everyone to disregard Hess’s last-ditch, desperation tactics and focus on the opportunities ahead for this Company and its shareholders.”
For additional information, please visit www.ReassessHess.com.
Additional Information
Elliott Associates, L.P. and Elliott International, L.P. (“Elliott”) filed a definitive proxy statement and an accompanying proxy card with the Securities and Exchange Commission (“SEC”) on April 3, 2013. Stockholders are advised to read the definitive proxy statement, and other materials filed with the SEC, because they contain important information concerning Elliott’s solicitation of proxies for the 2013 Hess Annual Meeting of Stockholders, including information concerning the participants in that solicitation. These materials are available for no charge at the SEC’s website at www.sec.gov or by directing a request to Elliott’s proxy solicitor, Okapi Partners, at its toll-free number (877) 796-5274 or via email at info@okapipartners.com.
Cautionary Statement Regarding Forward-Looking Statements
The information herein contains “forward-looking statements.” Specific forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and include, without limitation, words such as “may,” “will,” “expects,” “believes,” “anticipates,” “plans,” “estimates,” “projects,” “targets,” “forecasts,” “seeks,” “could” or the negative of such terms or other variations on such terms or comparable terminology. Similarly, statements that describe our objectives, plans or goals are forward-looking. Our forward-looking statements are based on our current intent, belief, expectations, estimates and projections regarding the Company and projections regarding the industry in which it operates. These statements are not guarantees of future performance and involve risks, uncertainties, assumptions and other factors that are difficult to predict and that could cause actual results to differ materially. Accordingly, you should not rely upon forward-looking statements as a prediction of actual results and actual results may vary materially from what is expressed in or indicated by the forward-looking statements.
About Elliott Management:
Elliott’s two funds, Elliott Associates, L.P. and, Elliott International, L.P., together have more than $21 billion of assets under management. Founded in 1977, Elliott is one of the oldest hedge funds under continuous management. The Elliott funds’ investors include large institutions, high-net-worth individuals and families, and employees of the firm.