J&T MS 1 SICAV which owns approximately 14.3% of Venator Materials making it the Company’s second-largest shareholder, sent a public letter to Venator’s Board of Directors . The letter outlines J&T’s concerns regarding the Board’s apparent unwillingness to meaningfully engage with J&T, as well as the Company’s stark financial and stock price underperformance and apparent lack of strategic direction. J&T also stresses that the incumbent Board appears to have squandered its credibility with investors and should not be trusted to chart the course forward for Venator without additional independent shareholder representation. The letter said in part: "J&T is not an "activist" fund, and we generally do not go public with our concerns about a company. However, after trying to reach a resolution privately for seven months and being met with apparent delay tactics and gamesmanship, we believe we have no other recourse. ..Venator share price has declined precipitously since its IPO. The Company’s share price is down 96% since its IPO price in August 2017, and 78% since the January 4, 2021 announcement that SK Capital’s representatives had joined the Board."
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on VNTR:
