SevenSaoi Capital Supportive of PDL BioPharma Announcement

Date : 12/10/2019 @ 8:10PM
Source : PR Newswire (US)
Stock : PDL BioPharma Inc (PDLI)
Quote : 2.85  0.0 (0.00%) @ 1:59PM

SevenSaoi Capital Supportive of PDL BioPharma Announcement

PDL BioPharma (NASDAQ:PDLI)
Historical Stock Chart

6 Months : From Oct 2019 to Mar 2020

Click Here for more PDL BioPharma Charts.

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

 

Cision View original content:http://www.prnewswire.com/news-releases/sevensaoi-capital-supportive-of-pdl-biopharma-announcement-300972654.html

SOURCE SevenSaoi Capital

Copyright 2019 PR Newswire

Latest PDLI Messages

{{bbMessage.M_Alias}} {{bbMessage.MSG_Date}} {{bbMessage.HowLongAgo}} {{bbMessage.MSG_ID}} {{bbMessage.MSG_Subject}}

Loading Messages....


No posts yet, be the first! No {{symbol}} Message Board. Create One! See More Posts on {{symbol}} Message Board See More Message Board Posts


$
Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.


NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.