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For Immediate Release Contact: Edward A. Burkhardt
Dated October 22, 2000 Telephone: 773-714-8669
WISCONSIN CENTRAL SHAREHOLDERS FORM COMMITTEE TO MAXIMIZE VALUE
Edward A. Burkhardt, former Chairman, President and Chief Executive Officer
of Wisconsin Central Transportation Corporation (NASDAQ: WCLX), today announced
the formation of a committee to improve company performance and to maximize
shareholder value. The committee, the Wisconsin Central Shareholders Committee
to Maximize Value, plans to solicit shareholder consents to replace the current
members of Wisconsin Central's Board of Directors with a group of experienced
directors committed to take specific steps the Committee believes are necessary
to reverse the slide in earnings and share price that has occurred since Mr.
Burkhardt resigned from Wisconsin Central in July 1999. With holdings of almost
3.5 million shares, Mr. Burkhardt is one of WCLX's largest owners.
The Committee has proposed a focused program to maximize shareholder value,
including:
. Restoring Wisconsin Central's North American operations to historic
levels of revenue growth and reversing the recent slide in earnings;
. Discontinuing efforts to invest in highly risky and low return
international rail privatizations, including attempts to acquire the
Aqaba Railway in Jordan;
. Liquidating or spinning off Wisconsin Central's minority interests in
its under performing overseas rail investments;
. Exploring the sale of Wisconsin Central's North American operations to a
strategic buyer; and
. Improving corporate governance to require the annual election of all
directors.
Mr. Burkhardt cited a 17% slide in net income in the year subsequent to his
resignation and a decline in share price from $18.88 just prior to announcement
of his resignation to $10.625 at Friday's close. He compared this with compound
average annual increases in net income of 115% and in share price of 26% in the
eight calendar years preceding his resignation.
Mr. Burkhardt said "It is clear in my opinion that the present Board has no
effective strategy in place to reverse this decline and to unlock the inherent
value of Wisconsin Central for the benefit of its owners. We are tired of
experiencing the continuous flow of earnings warnings and downgrades by
analysts." He reiterated the commitment of the Committee's board nominees to
restoring Wisconsin Central to its traditional position of leadership in
generating shareholder value in the rail industry.
In addition to Mr. Burkhardt, the Committee's nominees are:
. John W. Barriger, Vice President of The Derson Group (personnel
consultants), formerly a long-time official of the Santa Fe Railway.
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. Robert E. Dowdy, Transportation Consultant and formerly President and
CEO of Fox River Valley Railroad Co., Green Bay & Western Railroad
Co., and The Belt Railway Company of Chicago.
. Aaron J. Gellman, Professor of Management and Strategy at the Kellogg
School of Management and former Director of the Transportation Center,
Northwestern University.
. Michael W. Howell, Chairman FPT Group Ltd. (industrial machinery
distributors) and former Marketing Director of Railtrack plc.
. Henry Posner III, Chairman of Railroad Development Corporation.
. Andy Sze, Managing Partner, Ginkgo Enterprise and formerly President and
CEO, Clipper Group.
Mr. Burkhardt indicated that the Committee planned to mail consent
solicitation materials to Wisconsin Central's shareholders in the near future.
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CERTAIN INFORMATION CONCERNING PARTICIPANTS
The Committee, the members of the Committee, the nominees for election as
directors proposed by the Committee and certain other persons may be deemed to
be participants in the solicitation of shareholder consents referred to in this
press release. Information regarding each participant is included in the
preliminary consent statement filed by the Committee with the Securities and
Exchange Commission on October 20, 2000. The Committee intends to mail
definitive copies of the consent statement, together with consent cards, to
Wisconsin Central shareholders in the near future. Wisconsin Central
shareholders are urged to read the consent statement carefully when it is
available because it contains important information. The Committee's consent
statement is available without charge at the SEC's Internet web site at
www.sec.gov. In addition, the Committee will provide copies of its consent
statement without charge upon request. Requests for copies should be directed to
the Committee's information agent, Innisfree M&A Incorporated, at its toll-free
number: 1-888-750-5834.
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