PDC Energy Board of Directors Urges Shareholders to Protect the Value of their Investment by Voting the WHITE Proxy Card “FOR” PDC’s Nominees
Board Believes Electing Kimmeridge Destroys Value
and Puts the Safety of PDC’s Employees at Risk
ISS Report Ignores the Facts About PDC’s Performance, Fails to Take Into Account
the Critical Importance of Industry, Operational and Colorado Regulatory Expertise
in Effectively Running the Company
ISS Report Does Not Endorse Kimmeridge’s Radical, Misguided and Dangerous Plans for PDC
Company Urges Shareholders Vote on the WHITE Proxy Card TODAY to Reelect
We urge shareholders to protect the value of their investment by voting “FOR” directors Messrs.
In stark contrast to ISS,
“…disconcertingly large sections of [Kimmeridge’s] materials are indeed bogged down in self-contradicting perspectives and unusually fluid methodologies which fail to mitigate what we consider to be sound rebuttals from PDC. Concerns with these items compound doubts around [Kimmeridge’s] promoted plans -- which have, at times, involved objectively aggressive recommendations that often fade into more broadly phrased suggestions -- and a slate of alternative candidates very light on scalable industry expertise and public board and executive experience. Thus, we are broadly unconvinced investors would be better served electing any of Kimmeridge's candidates at this time.”1
It is important to highlight that at no point in its report did ISS endorse Kimmeridge’s proposed plans for PDC – plans and proposals that
Among other errors, ISS failed to take into account the impact that recent
Whereas PDC’s directors have highly relevant skills and experience and have demonstrated their commitment to advancing shareholders’ best interests, the Kimmeridge nominees are unqualified and deeply conflicted. Kimmeridge is asking PDC shareholders to support a slate of nominees who bring no significant public board experience, no large-scale oil and gas operating and technical expertise, and no
The Board of Directors recommends shareholders PROTECT THE VALUE OF THEIR INVESTMENT by VOTING on the WHITE proxy card “FOR” PDC’s nominees, Messrs.
Additional materials regarding the Board’s recommendation for the 2019 Annual Meeting can be found at https://www.votewhiteforpdc.com.
EVERY SHAREHOLDER’S VOTE IS EXTREMELY IMPORTANT,
NO MATTER HOW MANY SHARES YOU OWN.
Shareholders who have questions or require any assistance voting their shares should contact PDC Energy’s proxy solicitor:
Stockholders may call toll-free: (800) 322-2885
Banks and Brokers may call collect: (212) 929-5500
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 ("Securities Act"), Section 21E of the Securities Exchange Act of 1934 ("Exchange Act") and
Further, we urge you to carefully review and consider the cautionary statements and disclosures, specifically those under the heading "Risk Factors," made in our Annual Report on Form 10-K for the year ended
PDC has filed a definitive proxy statement and WHITE proxy card with the
CERTAIN INFORMATION REGARDING PARTICIPANTS
PDC, its directors and certain of its executive officers may be deemed to be participants in connection with the solicitation of proxies from PDC’s shareholders in connection with the matters to be considered at the 2019 Annual Meeting. Information regarding the identity of potential participants, and their direct or indirect interests, by security holdings or otherwise, is set forth in the proxy statement and other materials to be filed with the
Senior Director Investor Relations
1 Permission to use quotation neither sought nor obtained.
Source: PDC Energy, Inc.