Purpose of Transaction
Mr. Cannell, on behalf of the Investment Vehicles, identified the Company as an entity satisfying each Investment Vehicle’s investment criteria. The Investment Vehicles acquired and continue to hold the Shares as a long-term investment.
Mr. Cannell files this Amendment to disclose that he has had conversations with some of the Company’s directors regarding potential improvements to the Company’s board of directors and management. Mr. Cannell also files this Amendment to disclose that he sent the Company a letter nominating four candidates for election as director at the Company’s 2018 Annual Meeting. This letter is attached as Exhibit 99. Mr. Cannell urges shareholders of the Company to monitor http://www.savedestinationxl.com/ for future updates.
Above and beyond the action summarized above, Mr. Cannell reserves the right to discuss various views and opinions with respect to the Company and its business plans with the Company or the members of its senior management. The discussion of such views and opinions may extend from ordinary day-to-day business operations to matters such as nominees for representation on the Company’s board of directors, senior management decisions and extraordinary business transactions. Mr. Cannell reserves the right to take such action as he may deem necessary from time to time to seek to maximize the value of the Shares. Such actions may include, but may not necessarily be limited to, pursuit of strategic initiatives to enhance shareholder value.
Mr. Cannell reserves the right to engage in any of the actions specified in Items 4(a) through 4(j) of the Schedule 13D general instructions.
Except as set forth above, Mr. Cannell has no present plans or proposals that relate to or would result in any of the transactions described in Item 4 of Schedule 13D.