Misguided

Transocean RIG.nyse announced it released supplemental materials to its shareholders outlining the company's recommendations regarding certain proposals found in the proxy statement for the company's 2013 Annual General Meeting on May 17. Transocean encourages shareholders to support the board's recommendations on three key proposals: the $2.24 per share dividend, the election of its five director nominees, and the re-adoption of board authority to issue shares out of the company's authorized share capital. Transocean's noted its accelerated retirement of approximately $1B of debt to facilitate continued progress towards achieving a gross debt target of $7B-$9B. In addition, Transocean states that Carl Icahn's dividend proposal is misguided and the Icahn's board nominees would bring no value to the company. theflyonthewall.com

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