Activist Target

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Marathon Questions e.l.f. Mgmt’s Credibility

Purpose of Transaction. Item 4 is hereby amended to add the following: On January 25, 2019, Marathon Partners delivered a letter (the “Letter”) to the Issuer’s board of directors (the “Board”) recommending, among other things, that the Board undertake a comprehensive review of the Issuer’s operating strategy, corporate governance practices and executive compensation plans. Marathon…

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Cannell Files a Detailed Plan for Lee Ent.

Dear Fellow Shareholders, As one of the largest shareholders of Lee Enterprises, Inc. (“LEE”), Cannell Capital LLC (“CC”) allocates resources to help you. CC owns LEE because we think that great value lies within, value which can be unlocked through the introduction of new stewards of shareholders. The incumbent board is stale, lethargic and devoid…

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Engaged Cap Wants DFRG Sold Immediately

Newport Beach, CA, December 6, 2018 – Engaged Capital, LLC, an investment firm specializing in enhancing the value of small and mid-cap North American equities, today sent a letter to the Board of Directors of Del Frisco’s Restaurant Group, Inc. (NASDAQ:DFRG). The full text of the letter follows: December 6, 2018 Del Frisco’s Restaurant Group, Inc….

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FrontFour Calls for Changes at MDCA

Purpose of Transaction. The Reporting Persons purchased the securities of the Issuer reported herein based on their belief that such securities, when purchased, were undervalued and represented an attractive investment opportunity. Over the past several months, FrontFour Capital (together with its affiliates, “FrontFour”) has engaged in communications with the Issuer’s management team and Board of…

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Simcoe Capital Voices Concerns Over DFIN Performance

The Reporting Persons purchased the Shares based on the Reporting Persons’ belief that the Shares, when purchased, were and continue to be substantially undervalued, particularly when considering the Issuer’s growing software as a service (SaaS) revenue streams and strong, consistent free cash flow generation. The Reporting Persons are supportive of the Issuer’s management team as…

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Cruiser Thinks ASH Stock Worth 53% More

New York, NY – (November 20, 2018) – Cruiser Capital Advisors, LLC (“Cruiser”), the beneficial owner of approximately 2.5% of the shares of Ashland Global Holdings Inc. (“Ashland” or “the Company”) (NYSE: ASH), today issued a public letter to the Ashland Board of Directors (the “Board”) outlining Cruiser’s concerns. The full text of the letter is…

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Legion Partners’ Thesis on OSPN

Purpose of Transaction. The Reporting Persons purchased the Shares based on the Reporting Persons’ belief that the Shares, when purchased, were undervalued and represented an attractive investment opportunity. Depending upon overall market conditions, other investment opportunities available to the Reporting Persons, and the availability of Shares at prices that would make the purchase or sale…

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Harbert Calls for Sale of Bluerock Resi

Purpose of Transaction. The Reporting Persons originally purchased the securities of the Issuer (the “Shares”) reported herein based on their belief that the securities were undervalued and represented an attractive investment opportunity. Depending upon overall market conditions, other investment opportunities available to the Reporting Persons, and the availability of Shares at prices that would make…

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Fir Tree Sends Letter to Halcón’s Board

October 22, 2018  Dear Members of the Board of Directors: As one of Halcón’s largest shareholders, we are writing, first and foremost, to reiterate our strong support for Halcón’s initiatives to maximize shareholder value, including the $2.0 billion in asset sales to date and the successful development of, and recent announcement to divest, the midstream business.  These…

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Kimmeridge Disappointed with Subscale Resolute Energy

October 19, 2018 Resolute Energy Corporation 1700 Lincoln Street, Suite 2800 Denver, CO 80203 Attention: Board of Directors Dear Members of the Board, As beneficial owners of almost 10% of Resolute Energy Corporation (“Resolute” or the “Company”) shares, we are writing to you today as concerned shareholders. In 2017, Kimmeridge acquired a position in Resolute…

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Blue Lion Calls HMST Performance Worst-in-Class

October 17, 2018 HomeStreet, Inc. 601 Union Street, Suite 2000 Seattle, WA 98101 Attention: Mr. Mark Mason Chairman, CEO & President Dear Mark, It has now been almost eleven months since we wrote our first letter to you and the other members of the Board of Directors (“Board”) of HomeStreet, Inc. (“HMST” or the “Company”)….

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Senvest Sends Letter to NorthStar Realty Europe

The Board of Directors  NorthStar Realty Europe Corp. 590 Madison Avenue, 34th Floor New York, New York 10022 Dear Members of the Board: Senvest Management, LLC (“Senvest Management” or “we”) advises private investment funds that, as of September 24, 2018, own 4,757,009 shares of common stock of NorthStar Realty Europe Corp. (“NRE” or the “Company”), equal…

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Atlantic: OI Shares Could More Than Double

September 13, 2018 Mr. Andres Lopez President and Chief Executive Officer Owens-Illinois, Inc. One Michael Owens Way Perrysburg, OH 43551 Dear Andres: It was good to meet with you, CFO Jan Bertsch and Treasurer Dave Johnson yesterday at our office in New York, following your presentation at the Credit Suisse Conference where you provided an…

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Marathon Sends Letter to e.l.f. Beauty’s Board

Purpose of Transaction. Item 4 is hereby amended to add the following: On September 12, 2018, Marathon Partners delivered a letter (the “Letter”) to the Issuer’s CEO and Chairman of the board of directors (the “Board”) recommending, among other things, that the Board pursue cost-cutting measures that focus on profitable growth or strategic alternatives, including…

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Ex PM Pushing for Changes at Destination XL

September 11, 2018 Glenn J. Krevlin 600 Fifth Avenue, 11 FL New York, NY 10020 Corporate Secretary Destination XL Group, Inc. 555 Turnpike Street Canton, MA 02021 To the Board of Directors: I have had an equity interest in Destination XL Group Inc. (“DXLG” or the “Company”) since 2001, actively listening to nearly every earnings call…

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TCS Points to DHX Price Drop From $13 to $2

John Barter Chairman, Board of Directors DHI Group, Inc. 1040 Avenue of the Americans, Floor 8 New York, NY 10018   August 23, 2018 Dear Chairman Barter, As you know, we are the largest shareholder of DHI Group (“DHI” or the “Company”) and have closely followed the Company for nearly two decades. We are writing…

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Alesia Lays Out Case for PHI Sale

August 20, 2018 The Board of Directors of PHI, Inc. c/o of Al Gonsoulin, Chairman of the Board and CEO 2001 SE Evangeline Thruway Lafayette, LA 70508 Dear Members of the Board: We, Alesia Asset Management and Timothy Stabosz, collectively control 4.7% of the outstanding shares of PHIIK. We believe PHI is deeply undervalued and…

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Legion Thinks NTRI is Misunderstood

The Reporting Persons purchased the Shares based on the Reporting Persons’ belief that the Shares, when purchased, were undervalued and represented an attractive investment opportunity. Depending upon overall market conditions, other investment opportunities available to the Reporting Persons, and the availability of Shares at prices that would make the purchase or sale of Shares desirable,…

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Red Oak Critical of EDUC Governance

July 3, 2018 Educational Development Corporation 5402 South 122nd East Avenue Tulsa, OK 74146 Attention: Board of Directors Dear Members of the Board, As you are aware, Red Oak Partners, LLC (“Red Oak”) is a long-term shareholder of Educational Development Corporation (“EDUC” or the “Company”). Red Oak and funds under its control currently own 7.7% of…

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KEMC Supports Monarch on Resolute Energy

Purpose of Transaction. The Reporting Person acquired the Shares over which it exercises beneficial ownership on behalf of the Kimmeridge Funds in the belief that the Shares are undervalued and are an attractive investment. The Reporting Person is broadly supportive of the Issuer’s agreement with Monarch Alternative Capital LP regarding the review of potential strategic…