Stocks

Stockholders Overwhelmingly Support Ambac’s Full Director Slate at Company’s Annual Meeting of Stockholders

Ambac – Stockholders Overwhelmingly Support Ambac’s Full Director Slate at Company’s Annual Meeting of Stockholders

NEW YORK, May 18, 2016 (GLOBE NEWSWIRE) — Ambac Financial Group, Inc. (Nasdaq:AMBC) (“Ambac” or the “Company”), a holding company whose subsidiaries, including Ambac Assurance Corporation, provide financial guarantees and other financial services, today announced the results of their 2016 Annual Meeting of Stockholders. Stockholders have elected, by an overwhelming majority, all of the Company’s nominees to the Board of Directors at the Company’s annual meeting. The decision comes just days after Canyon Capital Advisors (“Canyon”) unilaterally withdrew its proxy campaign, which had received minimal stockholder support.

According to the final results over 91% percent of the shares voted by stockholders other than Canyon were cast in favor of all of the Company’s nominees.

In comments today after the annual meeting, AMBC President and Chief Executive Officer Nader Tavakoli said, “We sincerely thank our stockholders for their continued engagement, input and support. We have greatly appreciated all of the conversations we have had over these past months, and look forward to continuing our focus on substantive dialogue with our investors as we pursue our strategy to sustainably maximize the value of Ambac for the long-term benefit of all stockholders.”

The final results, which were certified by independent inspectors of election, showed that the following six directors have been elected: Jeffrey S. Stein, Alexander D. Greene, C. James Prieur, Nader Tavakoli, David Herzog, and Ian D. Haft.

Ambac

CONTACT: Contact

Abbe F. Goldstein, CFA
Managing Director, Investor Relations and Corporate Communications
(212) 208-3222
agoldstein@ambac.com

Ambac