Argyros To Vote In Favor Of DST Nominees To Board - Quick Facts

(RTTNews) - DST Systems, Inc. (DST) announced it has entered into an agreement with the Argyros Family Trust, together with certain affiliates in connection with the 2014 Annual Meeting of shareholders. DST will nominate Lynn Dorsey Bleil and John Clark for election at the Annual Meeting. Argyros Group has withdrawn its notice of nomination of director candidates to the DST Board and has agreed to vote its shares in favor of each of the company's nominees at the 2014 Annual Meeting.

The company expects to enter into a two-step process to help facilitate the disposition of a substantial portion of the Argyros Group's common stock ownership in DST. In order to implement the Argyros Disposition, DST would, at the election of the Argyros Group and subject to the satisfaction of certain conditions, help facilitate a registered, secondary common stock offering of $450 million of DST common stock beneficially owned by the Argyros Group. Concurrent with the closing of the offering, DST would purchase $200 million of DST common stock beneficially owned by the Argyros Group and not sold in the offering.

The company announced that Lawrence Higby, the Board's Lead Independent Director, will not stand for re-election to the Board and his term will expire at the Annual Meeting. The Board will appoint a new Lead Independent Director following the 2014 Annual Meeting.

Argyros Group has agreed to customary standstill provisions. Brent Law has agreed to resign from the DST Board under certain agreed upon circumstances, including the consummation of the repurchase.