CAYMAN ISLANDS, Oct. 21 /PRNewswire/ -- NNS Holding, the largest stockholder of Texas Industries , today announced that at the Annual Meeting of TXI stockholders, based on information from NNS' proxy solicitor, Innisfree M&A, Inc., nearly 50% of the votes cast (representing nearly 40% of the shares outstanding) were withheld from voting for the TXI nominees for election as directors. In addition, another 6.3% of the shares outstanding were withheld from voting but those shares were voted after the polls closed. NNS issued the following statement regarding today's substantial withhold vote:
"NNS believes today's results send a strong message that the Board and management team's "business as usual" approach to creating stockholder value, and the Company's need for improved governance practices, is simply not acceptable. "We would like to thank our fellow stockholders for their support in this important effort. Given the Company's recent poor performance and the lack of any meaningful strategic business plan other than capacity expansion, we believe that the stockholders have overwhelmingly voiced their dissatisfaction with the current Board. We hope that TXI's Board and management team will take these voting results as a shareholder mandate that an effective, open-minded voice is clearly needed in the boardroom. NNS will continue to monitor the performance and governance practices of TXI's Board and management." Media Contacts: Dan Katcher / Ed Trissel Joele Frank, Wilkinson Brimmer Katcher 212-355-4449 Investor Contacts: Scott Winter / Michael Brinn Innisfree M&A 212-750-5833
