SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934
(Amendment No. )
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[ ] Preliminary Proxy Statement
[ ] Confidential, for use of the Commission Only (as permitted by
Rule 14a-6(e)(2))
[ ] Definitive Proxy Statement
[ ] Definitive Additional Materials
[x] Soliciting Material Pursuant to ss. 240.14a-11(c) or ss. 240.14a-12
.............................. OGDEN CORPORATION ...............................
(Name of Registrant as Specified In Its Charter)
........................... PROVIDENCE CAPITAL, INC. ...........................
(Name of Person(s) Filing Proxy Statement)
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2) Aggregate number of securities to which transaction applies:
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[ ] Fee paid previously with preliminary materials.
[ ] Check box if any part of the fee is offset as provided by Exchange Act
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FOR IMMEDIATE RELEASE:
PROVIDENCE CAPITAL FILES PRELIMINARY PROXY MATERIALS
RELATING TO OGDEN CORPORATION:
Seeks to Elect Three Directors
in Opposition to Three of Management's Candidates
at May 20 Annual Meeting
NEW YORK, NEW YORK, April 27, 1998 -- Providence Capital announces today that it
has filed preliminary proxy materials relating to Ogden Corporation (NYSE: OG)
with the U.S. Securities and Exchange Commission. Providence will seek to elect
its three nominees to the Ogden Board in opposition to three of management's
candidates at the Company's annual meeting currently scheduled for May 20, 1998.
Herbert Denton, President of Providence Capital, commented, "Providence is
taking this action in response to what we believe is Ogden's Board and senior
management's failure, over the past eight years, to implement a consistent
business strategy and deliver increased value for its shareholders."
Mr. Denton continued, "Providence believes that within Ogden's overly broad
portfolio of predominantly unrelated businesses, there exist certain core assets
which have significant value and growth potential. In our opinion, the business
values of these core assets are presently not being fully recognized in the
stock market due to, among other factors, Ogden's unfocused operations, rapidly
changing business strategy, confusing conglomerate structure, high dividend
pay-out, and a relatively large financial commitment to a no-growth
Waste-to-Energy business."
Providence Capital's three director nominees, Robert J. Slater, Lawrence G.
Schafran, and Michael G. Conroy, have substantial business and public board
experience. If elected, our nominees will seek to foster changes to improve
Ogden's growth and business values. Providence is confident that these changes
would give Ogden's shareholders a better chance of improving their return on
investment in Ogden than the Company's present strategy.
Providence Capital asks Ogden shareholders not to vote management's proxy until
they have had the opportunity to review Providence's materials, which are
expected to be mailed in early May.
Providence Capital is a NASD-registered broker-dealer and investment management
firm with special expertise in corporate governance and shareholder matters.
Providence Capital, Inc. and other participants own a total of 41,000 shares of
common stock of Ogden.
For a copy of the company's preliminary materials, shareholders may contact
Providence Capital at (212) 888-3200 or MacKenzie Partners, Inc. toll-free at
(800) 322-2885.
* * *
ADDITIONAL INFORMATION FOLLOWS
ADDITIONAL INFORMATION REGARDING THE NOMINEES
Current ownership interests in securities of the Company of the Nominees and
their Associates.
Name of Nominee Number and Class
of Shares Owned
Michael G. Conroy None
International Herald Tribune
850 3rd Avenue, 10th Floor
New York, NY 10022
Larry G. Schafran None
OG Schafran & Associates
54 Riverside Drive
Apt. 14B
New York, NY 10024
Robert J. Slater 1,000 shares of Common Stock
Jackson Consulting
Wahackme Road
New Canaan, CT 06840
None of the associates of any of the Nominees owns any securities of the
Company, other than the indirect interest of Lynn Hecht Schafran, the wife of
Larry G. Schafran, in the 30,000 shares of Common Stock of the Company owned
directly by Providence Investors. Ms. Schafran has a less than 2% interest in
Providence Investors.
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ADDITIONAL INFORMATION REGARDING OTHER PARTICIPANTS
Name, principal occupation or Number and Class
business, business address of Shares Owned
Providence Capital, Inc. 10,000 shares of Common Stock
Broker-Dealer Firm
730 Fifth Avenue, Suite 2102
New York, NY 10019
Herbert A. Denton 40,000 shares of Common Stock
President, Chief Executive Officer (10,000 shares through Providence,
Providence Capital, Inc. as to which Mr. Denton has sole
730 Fifth Avenue, Suite 2102 voting and investment power and
New York, NY 10019 30,000 shares through Providence
Investors LLC, a private
investment fund located at 730
Fifth Avenue, New York, New
York 10019, as to which Mr.
Denton shares voting and
investment power with Mr. Morey
as a managing member).
William Tapert None
Managing Director
Providence Capital Inc.
730 Fifth Avenue, Suite 2102
New York, NY 10019
Adam Weiss None
Vice President
Providence Capital Inc.
730 Fifth Avenue, Suite 2102
New York, NY 10019
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Gregory Morey 30,000 shares of Common Stock
Managing Member (through Providence Investors,
Providence Investors, LLC LLC, as to which Mr. Morey
730 Fifth Avenue, Suite 2102 shares voting and investment
New York, NY 10019 power with Mr. Denton as a
managing member).
Pacific Equity Limited None
12th Floor
Dina House
Duddell Street
Hong Kong
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