UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 14A
(RULE 14A-101)
INFORMATION REQUIRED IN PROXY STATEMENT
SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(A) OF THE SECURITIES EXCHANGE
ACT OF 1934
Filed by the Registrant [ ]
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Check the appropriate box:
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[ ] Preliminary Proxy Statement
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[ ] Confidential, for Use of the Commission Only (as permitted by
Rule 14a-6(e)(2))
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[ ] Definitive Proxy Statement
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[ ] Definitive Additional Materials
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[X] Soliciting Material Pursuant to Section 240.14a-12
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GENCORP INC.
(Name of Registrant as Specified In Its Charter)
PIRATE CAPITAL LLC
JOLLY ROGER FUND LP
JOLLY ROGER OFFSHORE FUND LTD
JOLLY ROGER ACTIVIST PORTFOLIO COMPANY LTD
MINT MASTER FUND LTD.
THOMAS R. HUDSON JR.
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
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PRESS RELEASE
PIRATE CAPITAL LLC WINS SUPPORT FROM ISS IN PROXY CONTEST AGAINST
GENCORP INC.
ISS RECOMMENDS SHAREHOLDERS VOTE ON THE PIRATE CAPITAL LLC GREEN
PROXY CARD AND FOR THE SHAREHOLDER PROPOSAL TO DECLASSIFY THE
BOARD
NORWALK, CT, MARCH 22, 2006 PR Newswire/ -- Pirate Capital LLC today announced
that Institutional Shareholder Services (ISS), the nation's leading independent
proxy advisory firm, issued an analysis for the GenCorp Inc. (NYSE: GY) proxy
contest. ISS recommends that shareholders vote on the Pirate Capital GREEN proxy
card for Robert C. Woods and for the shareholder proposal to declassify the
board. ISS recommends that shareholders NOT vote on GenCorp's white proxy card.
ISS also commented on GenCorp's corporate governance, concluding that "the
company has not taken all necessary steps to ensure shareholder democracy." With
respect to Pirate Capital's proposal to declassify the board of directors, ISS
stated that "[t]he ability to elect directors is the single most important use
of the shareholder franchise, and all directors should be accountable on an
annual basis. A classified board can entrench management and effectively
preclude most takeover bids or proxy contests."
"We are pleased that ISS has recommended shareholders vote on the green proxy
card, and we urge shareholders to support all of our nominees as well as the
proposal to declassify the board," said Pirate Capital Portfolio Manager Carlton
B. Klein.
"I urge all shareholders to follow ISS' INDEPENDENT recommendation to VOTE THE
GREEN PROXY CARD. I also urge all shareholders to VOTE FOR TODD R. SNYDER,
ROBERT C. WOODS and DAVID A. LORBER," said Pirate Capital founder Thomas R.
Hudson Jr.
Pirate Capital beneficially owns 4,674,200 shares of GenCorp (8.4% of the
outstanding shares) and is GenCorp's second largest shareholder.
Shareholders that need assistance in voting their shares or have any questions
are invited to call D.F. King & Co., Inc. toll-free at (888) 887-0082.
Contact: Pirate Capital LLC D.F. King & Co., Inc.
David A. Lorber Richard H. Grubaugh
(203) 854-1100 (212) 493-6950
david@piratecapitalllc.com rgrubaugh@dfking.com
THIS SOLICITATION IS BEING MADE BY PIRATE CAPITAL LLC, JOLLY ROGER FUND LP,
JOLLY ROGER OFFSHORE FUND LTD, JOLLY ROGER ACTIVIST PORTFOLIO COMPANY LTD, MINT
MASTER FUND LTD AND THOMAS R. HUDSON JR., TOGETHER WITH THEIR NOMINEES DAVID A.
LORBER, TODD R. SNYDER AND ROBERT C. WOODS
(THE "PIRATE CAPITAL GROUP"). INFORMATION REGARDING THE PIRATE CAPITAL GROUP AS
PARTICIPANTS IN THE SOLICITATION IS CONTAINED IN THE DEFINITIVE PROXY STATEMENT
OF THE PIRATE CAPITAL GROUP ON FILE WITH THE SEC. THE PROXY STATEMENT MAY BE
OBTAINED WITHOUT CHARGE FROM THE SEC'S WEBSITE AT WWW.SEC.GOV AND HAS BEEN
DISTRIBUTED TO SHAREHOLDERS ON OR ABOUT MARCH 16, 2006. WE URGE YOU TO READ THE
PROXY STATEMENT IN FULL BECAUSE IT CONTAINS IMPORTANT INFORMATION ABOUT THIS
SOLICITATION BY THE PIRATE CAPITAL GROUP. REQUESTS FOR COPIES SHOULD BE DIRECTED
TO PIRATE CAPITAL GROUP'S PROXY SOLICITOR, D.F. KING & CO., INC. AT (888)
887-0082. THIS COMMUNICATION IS BEING RELEASED ON OR ABOUT MARCH 22, 2006.