Rentech, Inc. (NASDAQ: RTK) today issued the following statement in
response to the nomination by Engaged Capital, LLC (Engaged) and Lone
Star Value Management, LLC (Lone Star Value) of four candidates to be
considered for election to Rentech’s Board of Directors at its 2014
Annual Meeting of Shareholders.
Rentech is always open to constructive input from our shareholders as
part of the Company’s constant focus on maximizing shareholder value. In
keeping with our commitment to maintain a highly qualified and
experienced Board, Rentech’s Nominating and Corporate Governance
Committee will carefully evaluate Engaged’s and Lone Star Value’s
nominees and recommend in due course to the full Board nominees that it
believes will best serve the interests of the Company and all of its
shareholders.
Our Board of Directors and management team continue to believe that
execution of our strategy over the coming months will create significant
value for shareholders. We have identified opportunities for substantial
growth with attractive returns in our wood fibre business. Subject to
market conditions, we see a compelling opportunity for an IPO of the
fibre business as an MLP in less than two years, which we believe would
create additional value for our shareholders. We also remain confident
in the fundamentals of our nitrogen fertilizer business.
At this time, no action by Rentech shareholders is required. The Company
will continue to communicate with our shareholders as appropriate, and
encourages them to review Rentech’s proxy materials when they become
available.
Credit Suisse is acting as financial advisor and Latham & Watkins LLP is
acting as legal advisor to Rentech.
About Rentech, Inc.
Rentech, Inc. (www.rentechinc.com)
owns and operates wood fibre processing and nitrogen fertilizer
manufacturing businesses. The wood fibre processing business consists of
the provision of wood chipping services and the manufacture and sale of
wood chips, through a wholly-owned subsidiary, Fulghum Fibres, Inc., and
the development of wood pellet production facilities. Rentech’s nitrogen
fertilizer business consists of the manufacture and sale of nitrogen
fertilizer through its publicly-traded subsidiary, Rentech Nitrogen
Partners, L.P. (NYSE: RNF). Rentech also owns the intellectual property
including patents, pilot and demonstration data, and engineering designs
for a number of clean energy technologies designed to produce certified
synthetic fuels and renewable power when integrated with third-party
technologies.
Safe Harbor Statement
This press release contains forward-looking statements as defined in the
Private Securities Litigation Reform Act of 1995 about matters such as:
the potential for substantial growth in our wood fibre business; the
return profile of such growth opportunities; the possibility of a MLP
IPO for that business in less than two years; and the fundamentals for
our fertilizer business. These statements are based on management’s
current expectations and actual results may differ materially as a
result of various risks and uncertainties. Other factors that could
cause actual results to differ from those reflected in the
forward-looking statements are set forth in the Company’s prior press
releases and periodic public filings with the Securities and Exchange
Commission (“SEC”), which are available via Rentech’s website at www.rentechinc.com.
The forward-looking statements in this press release are made as of the
date of this press release and Rentech does not undertake to revise or
update these forward-looking statements, except to the extent that it is
required to do so under applicable law.
Additional Information and Where You Can Find It
Rentech, its directors and certain of its executive officers may be
deemed to be participants in the solicitation of proxies from
shareholders in connection with its annual meeting of shareholders to be
held in 2014 (the “2014 Annual Meeting”). Rentech plans to file a proxy
statement with the SEC in connection with the solicitation of proxies
for the 2014 Annual Meeting (the “2014 Proxy Statement”). Additional
information regarding the identity of these potential participants and
their direct or indirect interests, by security holdings or otherwise,
will be set forth in the 2014 Proxy Statement and other materials to be
filed with the SEC in connection with the 2014 Meeting. This information
can also be found in Rentech’s definitive proxy statement for its annual
meeting of shareholders held in 2013, filed with the SEC on April 30,
2013 (the “2013 Proxy Statement”). To the extent holdings of Rentech’s
common stock have changed since the amounts printed in the 2013 Proxy
Statement, such changes have been or will be reflected on Statements of
Change in Ownership on Form 4 filed with the SEC.
SHAREHOLDERS ARE URGED TO READ THE 2014 PROXY STATEMENT (INCLUDING ANY
AMENDMENTS OR SUPPLEMENTS THERETO), 2013 PROXY STATEMENT AND ANY OTHER
RELEVANT DOCUMENTS THAT RENTECH HAS FILED OR WILL FILE WITH THE SEC
BECAUSE THEY CONTAIN IMPORTANT INFORMATION.
Shareholders will be able to obtain, free of charge, copies of the 2014
Proxy Statement (when available), 2013 Proxy Statement and any other
documents filed or to be filed by Rentech with the SEC in connection
with the 2014 Meeting at the SEC's website (http://www.sec.gov).
Copyright Business Wire 2014