Ancora Capital To Support Lawndale's Capital Proposal to Expand the Mace Security (MACE) Board to Seven
In an amended 13D filing on Mace Security International Inc. (Nasdaq: MACE), 8.58% holder Ancora Capital said they intend to support Lawndale's Capital proposal to expand the Board to seven members. Ancora also acknowledged the three "highly qualified" independent individuals Lawndale proposed as board nominees.
Ancora's Richard Barone urged Mace not to oppose the expansion of the Board to seven, saying, "Opposition to this strengthening of the Board's ability to govern would not only be an additional waste of the Company resources, but would reinforce the perception that the Company’s management is concerned only with personal gain at the expense of shareholder value." Barone said shares of Mace sell at less than half of what he believes is the Company's private market value, due to lack of confidence in the current Board.
In the filing, Barone noted that the company offered to nominate him to the board, replacing Matthew Paolino, in return for his support for the Company’s proposed slate of Directors.