EXCO Resources, Inc. Announces Adjournment Of Annual Meeting And Updated Slate Of Directors For Election At The Annual Meeting
EXCO Resources, Inc. (NYSE: XCO) (“EXCO” or the “Company”) today
announced that, in order to provide shareholders with additional time to
review and consider the below information, EXCO has adjourned the 2016
Annual Meeting of Shareholders (the “Annual Meeting”) until 12:00 p.m.,
central time, on Monday, May 23, 2016 at EXCO’s headquarters, 12377
Merit Drive, Suite 1700, Dallas, TX 75251.
Based on being advised by EXCO that a sufficient number of votes will be
“withheld” from their elections such that they would be required to
tender their resignations pursuant to the Company’s corporate governance
guidelines, each of Jeffrey D. Benjamin and Jeffrey S. Serota agreed, at
the Company’s request, to refuse to stand for reelection as a director
at EXCO’s 2016 Annual Meeting.
As a result, only five nominees will stand for election at the Annual
Meeting and EXCO will only consider votes for the following director
nominees:
1) B. James Ford;
2) Samuel A. Mitchell;
3) Wilbur L. Ross, Jr.;
4) Robert L. Stillwell; and
5) C. John Wilder.
The record date for the Annual Meeting has not changed. EXCO
shareholders who have already voted and who do not wish to change their
vote do not need to recast their votes or take any action. EXCO
shareholders who wish to submit or change their vote should review the
voting procedures in EXCO’s proxy statement. EXCO shareholders who have
questions concerning the Annual Meeting, how to vote their shares or how
to change their vote should contact EXCO’s proxy solicitor, D.F. King &
Co., Inc., toll-free at (866) 745-0270.
About EXCO
EXCO Resources, Inc. is an oil and natural gas exploration,
exploitation, acquisition, development and production company
headquartered in Dallas, Texas with principal operations in Texas, North
Louisiana and the Appalachia region.
Additional information about EXCO Resources, Inc. may be obtained by
contacting Chris Peracchi, EXCO’s Vice President of Finance and Investor
Relations, and Treasurer, at EXCO’s headquarters, 12377 Merit Drive,
Suite 1700, Dallas, TX 75251, telephone number (214) 368-2084, or by
visiting EXCO’s website at www.excoresources.com.
EXCO’s Securities and Exchange Commission (“SEC”) filings and press
releases can be found under the Investor Relations tab.
Forward-Looking Statements
This release may contain forward-looking statements relating to future
financial results, business expectations, and strategic and financial
alternatives and other business transactions. Actual results may differ
materially from those predicted as a result of factors over which EXCO
has no control. Such factors include, but are not limited to: EXCO’s
ability to implement or execute on any strategic or financial
alternatives, adjust its capital structure, or increase its liquidity;
the continued volatility of or depressed prices in the oil and gas
markets; the estimates of reserves; commodity price changes; regulatory
changes; and general economic conditions. These and other risk factors
are included in EXCO’s reports on file with the SEC. Except as required
by applicable law, EXCO undertakes no obligation to publicly update or
revise any forward-looking statements.
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