Hedge fund turns up heat on Angelica directors
Tuesday, February 7, 2006 : PermalinkSt. Louis Post-Dispatch – The Steel Partners II LP hedge fund on Monday stepped up pressure to gain power on Angelica Corp.’s board, telling regulators that it will ask Angelica shareholders to replace two directors – including the company’s chief executive – with Steel officials.
The move is the latest salvo in the battle between Chesterfield-based Angelica and New York-based Steel, its largest shareholder, over how the company is run.
Steel, which owns about 20 percent of Angelica, is displeased with the company’s operating results and acquisition strategy.
Angelica reported a third-quarter loss of $381,000 in December, compared to a net income of $1.6 million in the year-ago quarter.
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