Star Equity Fund, which owns 5.4% of the common stock of Servotronics, announced the nomination of six candidates for election to the Company’s board of directors at the Company’s 2023 annual meeting of shareholders. The Fund said, "Servotronics shareholders have long endured value destruction and poor corporate governance under the stewardship of the incumbent Board. Although some change to the Board’s composition occurred last year, disappointingly, the Company’s corporate governance has worsened, its operating and financial performance has failed to improve, and the incumbents have refused to genuinely engage with us despite our substantial shareholding in SVT. Therefore, we have reluctantly concluded the only way to improve shareholder rights and value at SVT is to substantially change the composition of the Board. Put simply, it is a bridge too far for the long-suffering SVT shareholders to believe SVT’s financial performance and corporate governance will improve under the incumbent SVT directors, which is why we have nominated six highly qualified candidates for election to the Board. Our nominees are experienced, capable, and fully committed to act in the best interests of all SVT shareholders, and we are fully prepared to make our case for these nominees at the Annual Meeting. In addition, our nominees, once elected, will propose expanding the Board by one seat and having this seat filled by a nomination from the independent shareholders..Star Equity Fund remains resolute in its opinion that significant change in Board composition is vital to altering corporate governance practices, improving financial results, and ultimately unlocking shareholder value at SVT. We believe long-suffering SVT shareholders deserve better, and we aim to give shareholders an opportunity to vote for much-needed change on the Board at the Annual Meeting."
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