– USA, CA – PICO Holdings, Inc. (NASDAQ:PICO) announced today that Mr. Michael Machado has informed the Company that he does not wish to stand for reelection as a director at the Company’s 2017 Annual Meeting of Shareholders. As part of the plan to maintain a Board of five directors following the Annual Meeting, and as a result of an agreement entered into between the Company and Bandera Partners, LLC, the Company has nominated Mr. Gregory Bylinsky, a Managing Director and Portfolio Manager at Bandera, to stand for election as a Director at the Annual Meeting. Additionally, as a result of the Agreement, Mr. Bylinsky will become a board observer through the Annual Meeting, effective immediately. Bandera is the beneficial owner of approximately 4.2% of PICO’s outstanding common shares.
PICO’s Chairman and Chief Executive Officer, Mr. Max Webb commented, “on behalf of the Board, I wish to extend our sincere thanks and gratitude to Mike for his service to the Company especially through the recent management transition and governance enhancements. Mike has been a steady influence and valued resource throughout this process and his presence will be missed. So too, we will miss Mike’s extensive knowledge regarding water related matters in the Southwest.” Mr. Webb continued, “I am exceedingly grateful to have had the benefit of Mike’s insights and perspective as it relates to our assets. I also look forward to Greg joining the Board as we continue to seek to maximize shareholder value.”
PICO’s Lead Independent Director, Mr. Daniel Silvers commented, “we are pleased to welcome Greg to the Board. As we have gotten to know him and his firm, it has become clear that he is intently focused on maximizing long-term value for all shareholders. Bandera is a significant shareholder of the Company, and we welcome Greg’s input into key decisions regarding the monetization of assets and the return of capital to shareholders.” Mr. Silvers continued, “I echo Max in thanking Mike for his service to PICO and wish him well in his future endeavors.”
Mr. Bylinsky commented, “Bandera greatly appreciates the progress this Board has made in implementing a number of recent shareholder-friendly initiatives, as well as executing on the stated business plan.” Mr. Bylinsky continued, “I am excited to join the Board, and, as a significant shareholder, Bandera’s goal remains to lend our thoughts and expertise to the Company in a collaborative and constructive manner in considering the strategic direction of the Company and maximizing the inherent value of the Company’s assets.”
About PICO Holdings, Inc.
PICO Holdings is a diversified holding company. Currently, we believe the highest potential return to shareholders is from a return of capital to shareholders. As we monetize assets, rather than reinvest the proceeds, we intend to return the capital derived therefrom, less any working capital requirements, back to shareholders through a stock repurchase program or by other means such as special dividends taking into effect liquidity requirements, debt covenants and any other contractual and legal restrictions that may exist at the time.
For more information : http://www.picoholdings.com
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