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OGDEN Quintin G. Marshall
Two Pennsylvania Plaza, New York, NY 10121 [email protected]
Phone: (212) 868-5421
Fax: (212) 868-3558
www.ogdencorp.com
FOR IMMEDIATE RELEASE
Ogden Calls ISS Recommendation "Bizarre"
NEW YORK, N.Y., MAY 13, 1998--Ogden Corporation announced today that it
had reviewed the voting recommendation of institutional Shareholder Services,
Inc. (ISS), regarding the proxy contest for directors being waged against
Ogden by Providence Capital, Inc., and believes ISS' conclusions are
contradictory and bizarre.
In commenting on the ISS report, R. Richard Ablon, Chairman and Chief
Executive Officer of Ogden Corporation stated, "We are at a loss to
understand ISS' logic. They credit the Ogden Board's refocusing program for
the "tremendous" returns on Ogden stock, and they reject Providence's entire
platform, except for one element - the election of the Providence dissident
candidates." To quote ISS' own words, "In our opinion, management has a clear
strategy for improving returns and seems to have the company headed in the
right direction. Therefore, we do not believe many of the changes suggested by
Providence are warranted." Mr. Ablon continued, "On the one hand, ISS credits
Ogden Management for the Company's recent performance and future direction.
On the other hand, it endorses a change in the same management, since a vote
for Providence is essentially a vote to remove Ogden's Chairman and Chief
Executive Officer. It just doesn't add up."
Mr. Ablon concluded, "We encourage ISS' clients to study the report
carefully, but to draw their own conclusions rather than blindly follow ISS'
recommendation. We think ISS' findings clearly endorse the actions of Ogden's
Board and Management."
Ogden Corporation (NYSE: OG) is a global corporation focused on three
business areas - Entertainment, Aviation and Energy. The Entertainment group
has interests in themed and location-based attractions; food and beverage
concessions; venue management; large format films and theatres; music, live
theatre and video production. The Aviation group provides ground and cargo
handling; passenger services; fueling; and airport infrastructure development
and management. The Energy group develops, owns and operates independent
power facilities and provides related infrastructure services.
Additional information on the company can be obtained via the Internet,
at www.ogdencorp.com, or toll-free (888) 643-3612.
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