180 Degree Capital Corp. Announces the Start of Kevin Rendino as Chairman and Chief Executive Officer and Completion of its T...
March 31 2017 - 9:28AM
180 Degree Capital Corp. (NASDAQ:TURN), (“180” and the “Company”)
announced today that Kevin Rendino has formally joined the Company
as its Chairman and Chief Executive Officer. Mr. Rendino is a
financial services leader with three decades of Wall Street
experience in the global equity market and in value investing.
For over twenty years, he worked on one fund, Basic Value
Fund, with a consistent Graham and Dodd focus, at the same firm,
BlackRock/Merrill Lynch. He was the Value team leader overseeing 11
funds and $13 billion in assets, a member of BlackRock’s Leadership
Committee and a frequent contributor to CNBC, Bloomberg TV, Fox
Business, The New York Times and The Wall Street Journal. For
the entirety of his money management career, Mr. Rendino ranked in
top quartile and beat the competitor average and SPX by over 100
basis points. He also received numerous Lipper awards for
Investment Excellence during his career.
Additionally, following the approval from its
shareholders, 180 announced that it has filed the required forms
with the Securities and Exchange Commission to complete its
transition from a business development company (“BDC”) to a
registered closed-end fund. We currently expect that
this transition will enable us to operate with a materially lower
expense ratio. We believe this change will increase returns
to investors, while allowing us to maintain our focus on
shepherding and maximizing returns from our existing privately held
portfolio investments. Simultaneously, we will build our business
investing in and providing value-added assistance through
constructive activism to what we believe are substantially
undervalued, small publicly traded companies that have potential
for significant turnarounds.
"I am excited to join 180 as Chief Executive
Officer,” said Mr. Rendino. “I want to thank Doug Jamison,
Daniel Wolfe and the entire Board of Directors for recognizing the
necessity for change and having the courage to chart a new
path. I have been a professional public market investor for
nearly 30 years, and my perspective has always been one as a
shareholder. Our philosophy at 180 will be simple: all
decisions will be made based on our belief that such decisions can
lead to an increase in the net asset value of the Company, with the
ultimate goal of seeing such value reflected in a higher stock
price. We will continue our efforts to maximize the value of
our privately held investments while we source ideas for making new
investments in small publicly traded companies. Any
investments we make, any managed funds we create, any dollars we
spend, will always be done only after we ask ourselves, ‘How can
these steps lead to increased value for our shareholders?’
“As many of you have read and seen over the last
several years, the world of active investing has been under siege
by the advent of exchange traded funds (ETFs) and index
funds. Active funds have seen massive redemptions and fees
have been compressed. We are taking 180 to a world that has
not been thoroughly indexed and where we believe the potential
return profile is much greater. Simply put, many
micro-capitalization stocks are overlooked, orphaned, and,
depending on the specific company, undervalued. With the
appropriate investment process, discipline, and patience, we
believe we can generate significant long-term capital appreciation
for our shareholders.
“We are Graham and Dodd value investors centered
on a belief that the price you pay for a business will ultimately
determine investment success. As Seth Klarman said in the
Margin of Safety, ‘Value investing is the discipline of buying
securities at a significant discount from their current underlying
values and holding them until more of their value is realized.
The element of a bargain is the key to the process.’”
About 180 Degree Capital Corp.
180 Degree Capital Corp. is a registered
closed-end fund focused on investing in and providing value-added
assistance through constructive activism to what we believe are
substantially undervalued small, publicly traded companies that
have potential for significant turnarounds. Our goal is that
the result of our constructive activism leads to a reversal in
direction for the share price of these investee companies, i.e., a
180-degree turn! Detailed information about 180 and its holdings
can be found on its website at www.180degreecapital.com.
Forward-Looking StatementsThis
press release may contain statements of a forward-looking nature
relating to future events. These forward-looking statements are
subject to the inherent uncertainties in predicting future results
and conditions. These statements reflect the Company's current
beliefs, and a number of important factors could cause actual
results to differ materially from those expressed in this press
release. Please see the Company's securities filings filed with the
Securities and Exchange Commission for a more detailed discussion
of the risks and uncertainties associated with the Company's
business and other significant factors that could affect the
Company's actual results. Except as otherwise required by Federal
securities laws, the Company undertakes no obligation to update or
revise these forward-looking statements to reflect new events or
uncertainties. The references and links to the website
www.180degreecapital.com has been provided as a convenience,
and the information contained on such websites is not incorporated
by reference into this press release. 180 is not responsible for
the contents of third party websites.
Press Contact:
Daniel B. Wolfe
180 Degree Capital Corp.
212-582-0900
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