Advisors to Pescanova shareholders: Support the board at general meeting

Institutional Shareholder Services (ISS) and Glass, Lewis & Co. are recommending minority shareholders of Pescanova to vote for the board’s proposal in the next shareholder meeting on Sept. 21, reports Faro de Vigo.

Both firms are opposing recommendations by US investment fund Broadbill Investment Partners -- holder of 3.69 percent of Pescanova -- to renew the current management and fire Cesar Mata as director of the company.

Instead, the funds are advocating for the addition of three new directors to the board -- Carlos Federico Sanz Navarro, Cesar Real Rodriguez and Leopoldo Fernandez -- as proposed by majority shareholders, and are urging minority shareholders to vote for this option at the meeting.

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