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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 / /
Filed by a Party other than the Registrant /X/
Check the appropriate box:
/ / Preliminary Proxy Statement / / Confidential, for Use of the
Commission Only
(as permitted by Rule 14a-6(e)(2))
/ / Definitive Proxy Statement
/X/ Definitive Additional Materials
/ / Soliciting Material Pursuant to Section 240.14a-12
EUROPA CRUISES CORPORATION
(NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
JAMES C. ILLIUS
PAUL J. DEMATTIA
JOHN R. DUBER
ROGER A. SMITH
(NAME OF PERSON(S) FILING PROXY STATEMENT, IF OTHER THAN THE REGISTRANT)
Payment of filing fee (Check the appropriate box):
/X/ No fee required.
Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.
(1) Title of each class of securities to which transaction applies:
(2) Aggregate number of securities to which transaction applies:
(3) Per unit price or other underlying value of transaction computed pursuant
to Exchange Act Rule 0-11 (Set forth the amount on which the filing fee is
calculated and state how it was determined):
(4) Proposed maximum aggregate value of transaction:
(5) Total fee paid:
/ / Fee paid previously with preliminary materials.
/ / Check box if any part of the fee is offset as provided by Exchange Act Rule
0-11(a)(2) and identify the filing for which the offsetting fee was paid
previously. Identify the previous filing by registration statement number,
or the Form or Schedule and the date of its filing.
(1) Amount Previously Paid:
(2) Form, Schedule or Registration Statement No.:
(3) Filing Party:
(4) Date Filed:
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*Copies of this document were first released to security holders on or about
June 14, 2002.
FOR IMMEDIATE RELEASE
THE COMMITTEE OF CONCERNED EUROPA STOCKHOLDERS RECEIVES
INFLUENTIAL ISS RECOMMENDATION URGING STOCKHOLDERS
TO ELECT JIM RAFFERTY TO BOARD AND OUST VITALE
Rocky River, Ohio, June 14, 2002 - The Committee of Concerned Europa
Stockholders (Committee) announced today that Institutional Shareholder
Services (ISS), the prestigious institutional proxy advisory firm, has
recommended that stockholders vote to elect Jim Rafferty to the Board of Europa
Cruises Corporation (OTCBB: KRUZ) and to remove Deborah Vitale from the Europa
Board and as CEO, as advocated in the Committee's ongoing consent solicitation.
In its report, ISS was especially critical of current management's ability to
deliver shareholder value and its plans to develop a successful casino on 400
acres in Diamondhead, MS, the company's primary asset.
"[I]t is undeniable that Europa's long-term shareholders have suffered
considerable losses. Over the last ten years, the company's stock has declined
significantly. Currently, the company's shares are trading at $1.02 a share,
down from a high of $5.69 in October 1992," ISS said.
In questioning Ms. Vitale's managerial style, the advisory service noted that,
"During her tenure, Ms. Vitale has made some very aggressive management
decisions such as unilaterally and selectively cutting employee benefits...and
capriciously cutting the pay and/or hours of employees. Ms. Vitale would also
routinely act without the board's knowledge or concert, believing 'the
president of a public company does not need board approval to take actions
relating to the company's primary asset.'"
"Indeed, we believe Ms. Vitale's over-the-top response to any attempt to
initiate change, or to exercise independence, appears to justify the
Committee's concerns about Ms. Vitale's judgment and commitment to an impartial
and high-quality decision-making process," ISS wrote in its report. "We also
strongly support the removal of Ms. Vitale from the board and as CEO so that a
board of fiduciaries cognizant of their duties to represent and protect the
interests of all public shareholders' may be selected and allowed to function
properly," the report added.
PRAISE FOR THE COMMITTEE
Conversely, ISS said, "the Committee has demonstrated a thorough understanding
of the value and potential for development of the Diamondhead property as well
as the economic and financial requirements of such an endeavor. The Committee
has also
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demonstrated a thoughtful and unique understanding of the public policy issues
that will surely arise and must be considered to achieve long-term success."
In looking at the comparative experience of Mr. Rafferty and Ms. Vitale, ISS
says, "As the Committee correctly points out, Ms. Vitale has no experience in
developing, building, designing, or operating a deluxe casino entertainment
complex.... Nor is she (or has she ever been) licensed or permitted to operate
a casino in any state."
"Mr. Rafferty ... has 24 years of experience in the gaming industry. During
this time, he has helped to launch several successful casinos throughout the
United States ... What's more, several of his projects have been 'from the
ground up...'" the report noted.
RAFFERTY CAN CREATE 'SHAREHOLDER WEALTH'
"We agree that Mr. Rafferty brings to the company the experience and
impartiality necessary to develop the Diamondhead property and to assist in
implementing a business plan that offers a superior opportunity for enhancing
and sustaining long-term shareholder value," stated ISS. "What's more, we are
confident that Mr. Rafferty's expertise, credibility, and contacts in the
casino gaming industry and financial markets will greatly facilitate the
long-overdue creation of shareholder wealth," the report continued.
John Duber, who with James Illius is a member of the Europa Board of Directors
and co-founder of the Committee, said, "We are gratified by the ISS
recommendation. For too long, the company's management has been neglecting the
interests of Europa shareholders. Hopefully, this impartial recommendation will
solidify shareholders' resolve to support the Committee's solicitation. Jim
Rafferty has the experience, leadership, vision and ability to obtain financing
- - all critical if Europa is to succeed in opening an operating casino within
two years."
ISS also recommended stockholders reject a consent solicitation supported by
Frank Williams, a stockholder, to remove John Duber from the Europa Board of
Directors and to install himself as a new member. ISS said Mr. Duber "has
demonstrated his commitment to an impartial and high-quality decision-making
process." ISS further recommended that shareholders REVOKE any prior consents
given in favor or Mr. Williams appointment.
The consent solicitation period runs until June 24.
Shareholders are urged to return the WHITE consent card immediately. Even if
you have sent a gold consent card, you have every right to support the
Committee's consent solicitation by signing, dating and mailing the WHITE
consent card. If you have any questions on how to vote your shares, please call
our proxy solicitor: Georgeson Shareholder at 1-866-318-0501.
# # #
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Contact: Owen Blicksilver at 516-742-5950
FORWARD-LOOKING STATEMENTS. THE INFORMATION CONTAINED HEREIN INCLUDES
FORWARD-LOOKING STATEMENTS, WHICH ARE INDICATED BY WORDS OR PHRASES SUCH AS
"ANTICIPATES," "ESTIMATES," "PROJECTS," "BELIEVES," "INTENDS," "EXPECTS," AND
SIMILAR WORDS OR PHRASES. SUCH STATEMENTS AND ESTIMATES, BY THEIR NATURE,
INVOLVE RISKS, UNCERTAINTIES AND ASSUMPTIONS. ACTUAL FUTURE DEVELOPMENTS,
INCLUDING THE DEVELOPMENT AND FINANCING OF THE DIAMONDHEAD PROPERTY, MAY AND
SHOULD BE EXPECTED TO DIFFER MATERIALLY FROM THOSE EXPRESSED OR IMPLIED BY
ESTIMATES AND FORWARD-LOOKING STATEMENTS. THE COMMITTEE HAS NEITHER REQUESTED
NOR OBTAINED THE CONSENT OF ISS TO CITE THE ISS REPORT.