Therefore, Ortelius will be soliciting support at the 2022 Annual Meeting to elect three carefully selected, highly qualified and independent Nominees - Shawn Abrams, David Johnson and Michael Lefenfeld - who Ortelius believes would not only bring significant and relevant experience to the Board, but also a commitment to work with the other directors for the benefit of all stockholders. However, we believe that with the right leadership Trecora can in short order address operational and financial issues that have plagued performance. Following years of disappointing results related to governance, strategy, capital structure, investment allocation, operations, stockholder returns and other matters, we believe that investors have lost confidence in the Board's decision-making abilities. The Board's increasingly entrenched behavior since our director nominations further supports Ortelius' conviction that substantial change to the Board is necessary to protect the interests of stockholders. Despite Ortelius' good faith efforts, the Board has reacted to our director nominations with defensive self-preservation tactics, rather than engaging in a genuinely constructive manner with its largest stockholder. Ortelius has sought to collaborate with Trecora on potential solutions that could build and unlock significant stockholder value, including optimizing the capital structure, monetizing non-core assets, improving operating and financial performance, enhancing stockholder communications and reconstituting the Board to bring in needed expertise, among other things. We look forward to engaging with our fellow stockholders to earn their support for positive change at Trecora." Our highly qualified director nominees are well-suited to assess the options and opportunities available to the Company with a fresh perspective, and without a bias towards maintaining the status quo. With new experienced and independent directors in the boardroom, Trecora can address issues that have plagued performance, and begin building and unlocking intrinsic value over the near- and long-term, driven by organic growth, corporate finance solutions and strategic alternatives. Peter DeSorcy, Managing Member of Ortelius, provided the following comments: "After years of failures and shortcomings resulting in a vast destruction of stockholder value at Trecora, the Company's Board and management team must be held accountable, and maintaining the status quo is no longer an option. However, Ortelius is deeply concerned by Trecora's chronic undervaluation and disappointing performance, which Ortelius believes is mainly a result of operational missteps, poor capital allocation decisions and missed strategic opportunities, all of which are self-inflicted, causing stockholders to lose confidence in the Company's Board and management team. Ortelius, Trecora's largest stockholder, believes that the Company has significant upside potential based on its top-quality assets, favorable industry dynamics and considerable free cash flow generation capability. ![]() Ortelius Advisors, L.P., which collectively with its affiliates owns approximately 11.3% of the outstanding common stock of Trecora Resources (NYSE: TREC) ("Trecora" or the "Company"), today announced that it has filed preliminary proxy materials with the Securities and Exchange Commission in connection with the Trecora 2022 Annual Meeting of Stockholders (the "Annual Meeting").Ī copy of the preliminary proxy statement is available at. Reaffirms Need to Elect Directors that are Committed to Improving Company Performance and Exploring a Full Range of Alternatives to Unlock Shareholder Value Ortelius has also suggested several permutations of those ideas at various times.Ortelius Files Preliminary Proxy Statement Nominating Three New Directors for Election at Trecora Resources 2022 Annual Meeting of Stockholders ![]()
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