Advocat investor McCurdy seeks shareholder support for company slate

By Lisa Kerner

Charlotte, May 28 - Advocat, Inc. shareholder Chad McCurdy said he voted his shares in favor of retaining company directors William R. Council, III, Advocat's chief executive officer, and Richard M. Brame.

McCurdy encouraged fellow Advocat shareholders to vote using the white proxy card.

According to McCurdy, Risk Metrics Group/ISS and Glass, Lewis & Co. also recommended that shareholders vote the company's white proxy.

Glass Lewis recommended in favor of the board nominees and RiskMetrics did not. However, neither recommend voting with the dissident shareholders, McCurdy said.

McCurdy said Advocat's board three top priorities are to:

• Hire the right person to lead the company;

• Execute the company's plan to better manage professional liability expenses and keep more of its earnings; and

• Focus on driving census and getting costs back inline with revenues.

As previously reported earlier in May, Bristol Investment Fund, Ltd. said it was withdrawing its slate of two director nominees for election to Advocat's board after the company included Bristol's shareholder proposal in its definitive proxy.

It was previously reported that Bristol nominated its principal and manager, Paul Kessler, and Richard McKilligan, general counsel, chief financial officer and secretary of Derycz Scientific, Inc.

Advocat, located in Brentwood, Tenn., provides long-term care services to nursing home patients.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.