UNC Resources Inc. has effectively rejected the request of Houston investor Charles E. Hurwitz for a seat on the company's board of directors.
Hurwitz had requested a seat in March and has accumulated 8.7 percent of UNC's stock through a holding company he controls, according to filings with the Securities and Exchange Commission.
UNC, based in Falls Church, did not include Hurwitz among its nominees for the 10 board seats, listed in its recently issued proxy statement. The nominees are all current directors, including two representatives of Chevron Corp., which owns 36.6 percent of UNC's stock.
UNC said it is continuing to hold "discussions" with Hurwitz about his role as a stockholder. Hurwitz declined to comment.
The proxy statement for the annual stockholders meeting, scheduled for May 31, also included a proposal to ratify the appointment of independent auditors for UNC, and a proposal to approve a stock plan for certain key employes.
UNC has transformed itself in the last year from a troubled conglomerate to a profitable manufacturing and services company. The company recently reported first-quarter profits of $5.6 million on sales of $80.3 million.
Dan A. Colussy, UNC president and chief executive officer, said the company has received offers for portions of its discontinued operations and its National Automatic Tool Co. Inc.
No decisions have been made on the offers, Colussy said, adding that acceptance of some of them could lead to nonrecurring losses.