CHICAGO, Dec. 10, 2019 /PRNewswire/ -- SevenSaoi
Capital, LLC (together with its affiliates, "SevenSaoi," pronounced
"7C"), a long-only public equity investment firm, has been a
significant shareholder of PDL BioPharma, Inc. (NasdaqGS: PDLI)
("PDL" or the "Company") since 2017. Over the past two-and-a-half
years, we have discussed, met, and shared detailed analysis
privately and publicly with PDL's management team and Board of
Directors (the "Board") on numerous occasions to address the
Company's persistent underperformance and undervaluation of its
shares. As part of this engagement, we sent a letter to the Board
on September 16, 2019, just prior to
its September board meeting, recommending capital return and an
evaluation of strategic alternatives, very soon after which the
Company retained a financial advisor to conduct a strategic review.
Today, following the completion of that strategic review, we are
writing to express our support to the Board and management team for
taking positive steps to drive PDL's value and improve share price
performance, including the December 9,
2019 announcement of a formal monetization and capital
return process, which we agree represents the best path forward for
PDL and its shareholders.
We appreciate the Company's acknowledgment that yesterday's
announcement was the product of constructive engagement with its
shareholders. We also commend Engine Capital for its extensive
efforts to further demonstrate the need for this action, as well as
the Company's financial advisors, MTS Health Partners and BofA
Securities, for their role in the strategic review. We encourage
the Company moving forward to keep shareholders informed of its
progress as it embarks on this seminal effort to maximize
value.
About SevenSaoi
SevenSaoi Capital, LLC is a Chicago-based, long-only investment firm
focused on making private equity-style, fundamentally-driven,
long-term oriented investments in publicly-traded small cap
companies, primarily in the healthcare, technology, media, and
telecommunications industries. This strategy builds on its
principals' successful 20+ year track record of private and public
equity investment experience in these sectors. SevenSaoi invests in
deeply undervalued companies and constructively engages with
management teams and boards of directors to identify and execute on
opportunities to unlock value for the benefit of all
shareholders.
Media and Investor Contact
SevenSaoi Capital, LLC
Ben Webster
(773) 904-9789
ben@sevensaoi.com
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SOURCE SevenSaoi Capital