NEW YORK, Feb. 17 /PRNewswire/ -- Robotti & Company, LLC ("Robotti") sent a letter to the Board of Directors of Acergy S.A. ("Acergy") (NASDAQ:ACGY) (Oslo: ACY) on February 16, 2009 relating to Acergy. While Robotti praised Acergy's 2008 accomplishments and execution, Robotti detailed multiple corporate governance concerns, including recent stock and option compensation plans proposed by Acergy, past unauthorized stock option issuances, and valuation and other issues relating to the failed merger with Subsea 7 Inc. (Oslo: SUB). In addition, Robotti urged Acergy to take action so that it could opportunistically repurchase its own securities and adopt minimum shareholding requirements by the Board given the Board's current lack of stock ownership.
A copy of the letter can be accessed at the following address:
http://robottico.homestead.com/ACGY02162009.pdf About Robotti & Company, LLC Robotti & Company Incorporated is the parent company and predecessor to Robotti & Company, LLC a broker dealer that specializes in undervalued securities identified by our proprietary research. Through our registered adviser affiliate, Robotti & Company Advisors, LLC we offer personalized investment management targeted to the individual client's long-term equity investment needs. Robotti & Company has been in the securities business since 1983.
Contact information Meaghan Pratt
212-986-4800
Robotti & Company, LLC
110 East 42nd Street
Suite 1100
New York, New York 10017
http://www.robotti.com/ DATASOURCE: Robotti & Company, LLC CONTACT: Meaghan Pratt of Robotti & Company, LLC, +1-212-986-4800 Web Site: http://www.robotti.com/
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