Monmouth R.E. Inv. Rejects Starwood Capital’s Offer

Monmouth R.E. Inv. Rejects Starwood Capital’s Offer
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What’s New In Activism: Monmouth R.E. Inv. Rejects Starwood Capital’s Provide

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Monmouth R.E. Inv. Corp. (NYSE:MNR) has rejected an improved provide from personal fairness agency Starwood Capital, saying its most popular bid from Fairness Commonwealth (EQC) – a combination of money and inventory valued at $19 per share – gives the chance for shareholders to take part in future upside over the knowledge of Starwood’s $19.20 per share money bid.

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Starwood responded in a press release, “The Monmouth board’s newest choice to not have interaction in discussions with Starwood is yet one more motion that deprives its personal shareholders from receiving the upper and extra sure worth represented by our money provide.”

Institutional Shareholder Companies had beforehand reiterated its advice for shareholders to vote in opposition to EQC’s provide at a shareholder assembly because of happen on August 30.

On August 16, Monmouth introduced that it had accepted EQC’s provide which had elevated from an earlier provide of $17.62 per share. The revision had already been criticized by activist investor Blackwells Capital, which accused Monmouth’s board of renegotiating a “worse deal for shareholders” on August 17.

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Activism chart of the week

To this point this yr (as of August 19, 2021), 26 U.Okay.-based firms have been publicly subjected to activist calls for. That’s up from 21 throughout the identical interval final yr.


Supply: Insightia (Activist Perception On-line)

What’s New In Proxy Voting: J&J Criticized Over Vaccine Apartheid

The Interfaith Middle on Company Accountability (ICCR) criticized Johnson & Johnson (NYSE:JNJ) for being “stubbornly dismissive of calls to prioritize equitable vaccine entry” within the race to inoculate the world’s inhabitants in opposition to COVID-19.

Regardless of traders looking for a dedication from J&J by means of a number of letters and shareholder proposals for a report on how the corporate intends to equitably distribute its COVID-19 vaccinations, an August 16 report from the New York Instances revealed that almost all of the J&J vaccine doses produced in South Africa are being exported to Europe, versus treating native residents.

ICCR reported on August 19 that J&J traders are expressing each “frustration and outrage” on the information that the inexpensive vaccine shouldn’t be being distributed to poorer international locations.

A shareholder proposal from Oxfam America that requested J&J to decide to the equitable distribution of its COVID-19 vaccinations obtained 31.8% help on the drug producer’s April 22 annual assembly, in line with Proxy Insight Online knowledge.

Proxy chart of the week

To this point this yr (as of August 18, 2021), there have been 47 votes on unique discussion board provisions at U.S.-based firms. That’s up from 25 throughout the identical interval final yr.

Proxy Voting

Supply: Insightia (Proxy Perception On-line)

What’s New In Activist Shorts: Wolfpack Analysis Locations A Brief Guess On SGOCO Group

Wolfpack Analysis positioned a brief guess on SGOCO Group, Ltd. (NASDAQ:SGOC), citing a number of arrests of key folks and accusations of financial fraud and cash laundering.

The August 17 report alleged that SGOCO is an organization managed by alleged criminals and concerned in a “confirmed, broadly reported felony fund fraud.”

The brief vendor mentioned in its report that in December 2020, three of SGOCO’s key folks and largest shareholders had been arrested by the Hong Kong authorities and had been named because the “masterminds” in a HK$475 million ($61 million) worldwide fund fraud scheme involving SGOCO.

Citing police statements and native media, Wolfpack mentioned that main shareholders of SGOCO used the corporate to empty the property from an funding fund for years whereas sustaining the looks of M&A exercise. These shareholders bribed insurance coverage brokers from multinational insurance coverage agency AXA Monetary to be able to allow them to elevate capital right into a Hong Kong Funding Fund (HKIF), which was later liquidated, inflicting a HK$475 million gap within the pockets of 260 “sufferer” traders, the report learn.

Shorts chart of the week

To this point this yr (as of August 20, 2021), Muddy Waters Analysis has subjected two firms to activist brief campaigns. That’s down from 5 in the identical interval final yr.

Activist Shorts

Supply: Insightia (Activist Perception Shorts)

Quote Of The Week

This week’s quote comes from Buxton Helmsley’s Alexander Parker in an August 17 open letter blasting Mallinckrodt administrators for reinstating the whole board regardless of being voted out by shareholders on the drugmaker’s latest annual assembly. Learn our protection here.

“When each single one among you obtained a majority of votes that eliminated you from workplace on the August 13, 2021, AGM, that was shareholders telling you ‘Each one among you might be fired’, on the spot, plain and easy.” – Alexander Parker

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