Sina Says Aristeia Nominees To Board Lack Relevant Skills Or Experience

(RTTNews) - SINA Corp. (SINA), a Chinese online media company, confirmed late Monday the receipt of nomination of two individuals to the Board by its shareholder Aristeia Capital, L.L.C.

The U.S. based hedge fund earlier in the day, while announcing the nominations, has called for measures to unlock shareholder value including a potential sale of itself or its stake in wildly popular microblog service Weibo Corp.

In its statement, SINA noted that it is inappropriate for Aristeia, an approximately 3.5% shareholder based in New York City, to control approximately 30% of the Board, and that Aristeia nominees would not add any skills or experience not already well-represented on the current SINA Board. Also, SINA Board believes that Aristeia and its two nominees lack understanding of SINA, and the China market.

The Company said it will present the Board's recommendation regarding director nominees in SINA's proxy statement, together with a WHITE proxy card, and other materials, to be mailed to all shareholders eligible to vote at the 2017 Annual General Meeting, which will be scheduled in due course. SINA said its shareholders are not required to take any action at this time.

The SINA Board and management team will continue to actively consider and evaluate all available opportunities to ensure that they realize the Company's full potential and enhance value for all shareholders.

On Nasdaq, SINA shares lost 1.1 percent on Monday and settled at $115.06. In the after hours trading, shares gained 1.4 percent to $116.66.