Shareholder Meeting Scheduled for Thursday, May 11, 2017
WINNIPEG, May 2, 2017 /CNW/ - (TSX:NFI,TSX:NFI.DB.U) New Flyer Industries Inc. ("New Flyer" or the "Company") announces that Institutional Shareholder Services Inc. ("ISS"), a leading independent proxy advisory firm, recommends that New Flyer shareholders vote FOR ALL resolutions at its upcoming shareholder meeting on May 11, 2017.
ISS has changed its prior negative recommendation with respect to (1) the re-election of John Marinucci as a director of New Flyer, and (2) New Flyer's amended and restated by-law No. 2 (Advance Notice By-Law). Shareholders who have already cast their votes based on the prior negative ISS recommendation should consider revoking their votes and re-voting in accordance with the updated ISS recommendations. If shareholders require assistance with changing their votes they should contact their intermediary as soon as possible or Jon Koffman, Investor Relations at New Flyer at 204.224.6672 or at [email protected].
Shareholders who have not yet voted should vote as soon as possible by completing and returning their voting instruction form received with the meeting materials, or should vote by phone or internet in accordance with the instructions received from their intermediary. If shareholders require assistance with casting their votes they should contact their intermediary as soon as possible or Jon Koffman, Investor Relations at New Flyer at 204.224.6672 or at [email protected].
The Honourable Brian V. Tobin, Chairman of the Board of Directors, stated that "New Flyer has always been committed to the highest standards of corporate governance. John Marinucci is an outstanding contributor to the Board and New Flyer strongly believes that he qualifies as an independent director under all applicable securities laws and accepted governance standards. The change to the by-law is a minor clarification and not material to its intended operation. The Board strongly encourages shareholders to support all resolutions and to change any votes cast against these matters on the basis of the previous ISS recommendation."
In its original voting recommendation, ISS recommended voting against (1) the re-election of John Marinucci as a director of New Flyer, and (2) New Flyer's amended and restated by-law No. 2 (Advance Notice By-law). The concerns originally raised by ISS have been addressed by (1) John Marinucci stepping down from the audit committee of the Board of Directors in order to comply with ISS policies regarding "affiliated outside directors", and (2) a minor amendment to the Advance Notice By-Law clarifying the information that can be requested by New Flyer from a proposed nominee. More detail on these changes can be found under New Flyer's profile on SEDAR at www.sedar.com.
About New Flyer
The Company is the largest transit bus and motor coach manufacturer and parts distributor in North America with fabrication, manufacturing, distribution and service centers in Canada and the United States and employs approximately 5,000 team members.
Through its Canadian and U.S. subsidiaries, New Flyer Industries Canada ULC and New Flyer of America Inc., the Company is North America's heavy-duty transit bus leader and offers the broadest transit bus product line under the brand Xcelsior® incorporating the broadest range of drive systems available, including: clean diesel, natural gas, diesel-electric hybrid, electric-trolley and now battery-electric. New Flyer actively supports over 44,000 heavy-duty transit buses (New Flyer, NABI and Orion) currently in service.
Through its Canadian and U.S. subsidiaries, Motor Coach Industries Limited and Motor Coach Industries, Inc., the Company is North America's leader in motor coaches, offering the MCI J4500,which is the industry's best-selling intercity coach for 11 consecutive years, and the MCI D-Series, the industry's best-selling coach line in North American motor coach history. MCI is also the exclusive distributor of Setra S417 and S407 in the United States and Canada. MCI actively supports over 28,000 motor coaches currently in service and offers 24-hour roadside assistance 365 days a year.
The Company also operates North America's most comprehensive aftermarket parts organization providing support for all types of transit buses and motor coaches. All buses and coaches are supported by an industry-leading comprehensive warranty, service and support network.
Further information is available on the Company's websites at www.newflyer.com and www.mcicoach.com.The common shares and convertible unsecured subordinated debentures of the Company are traded on the Toronto Stock Exchange under the symbols NFI and NFI.DB.U, respectively.
SOURCE New Flyer Industries Inc.
For further information: Jon Koffman, Investor Relations, Tel: 204-224-6672