Dallas, Texas 03/04/2014 (FINANCIALSTRENDS) – Rentech, Inc. (NASDAQ:RTK) , the diversified chemicals manufacture seems to be digging in its heels in the ongoing battle of wits with Lone Star Value Management, LLC and Engaged Capital, LLC. This becomes clear when one dissects the statement released by the company board in response to the press note released by the two investment firms in which it clarified its stand and point the finger of blame at the investment firms.
The rebuttal statement put out by Rentech, Inc. (NASDAQ:RTK) notes that, “The Committee is in the process of evaluating a number of candidates, including those identified by Engaged and Lone Star. Engaged and Lone Star have refused to participate in the Committee’s selection process. Following a number of discussions between the Company and Engaged, on January 8, 2014, the Board invited Glenn Welling of Engaged to a meeting with the Committee. Engaged declined this invitation”.
The press note also reiterated the fact that it is committed to having a competent and independent board and highlighted that any new board members would be shortlisted and appointed as per the recommendations of the firms existing “Nominating and Corporate Governance Committee”. The statement goes on to add that the evaluation process of the board members by the committee is an annual affair and that the board is currently reviewing the board members performance for 2013.
The statement also highlights that the committee is also seized of the nomination process of new members ad is expected to present its recommendations to the current board of directors on the sidelines of the 2014 share holder’s conference to be held later this quarter. Following this recommendation list submission, the board will then make a pick from the list, basing its decision solely on its determination of which candidate would best suite the needs of the firm.