NEW YORK, Aug. 22, 2018 /PRNewswire/ -- Sententia
Capital Management, LLC ("Sententia"), one of the largest
shareholders of Schmitt Industries, Inc. ("Schmitt" or the
"Company") (NASDAQ: SMIT) with ownership of approximately 7.5% of
the outstanding shares, today announced that it has delivered a
letter to Schmitt's Board of Directors.
Sententia believes Schmitt is comprised of good businesses,
strong brands, an attractive long-term profile, and the ability to
generate strong free cash flow. However, these features remain
hidden under poor leadership and a lack of strategic accountability
and insight from the entrenched Company's Board of Directors (the
"Board"). The Company remains significantly undervalued as the
Board refuses to take appropriate steps to unlock value.
Sententia has made numerous attempts to work cooperatively and
privately with the Board over the past two months to effect changes
at the Company they believe are necessary to grow, protect and
enhance shareholder and stakeholder value, including but not
limited to changes to the composition of the Board. Due to the
reluctance of the Board to welcome both a large shareholder and an
experienced turnaround expert to the Board, and to take other
appropriate steps to enhance accountability and transparency for
the Board and its committees, Sententia has formally nominated two
candidates for election to the Board at Schmitt's 2018 annual
meeting.
Please click the following link to access the full
letter: SENTENTIA LETTER TO SCHMITT BOARD
ABOUT SENTENTIA CAPITAL
Sententia is a value investing based capital management firm
that runs a concentrated, deep value portfolio.
ABOUT
FOUNDER: http://investorfieldguide.com/zapata/
Investor Contact
Investor Relations
212.851.3488
investorrelations@sententiacapital.com
SEC LEGEND
CERTAIN INFORMATION CONCERNING THE PARTICIPANTS
Sententia Capital Management, LLC, together with the other
participants named herein (collectively, "Sententia"), intends to
file a preliminary proxy statement and accompanying proxy card with
the Securities and Exchange Commission ("SEC") to be used to
solicit votes for the election of its slate of highly-qualified
director nominees at the 2018 annual meeting of shareholders of
Schmitt Industries, Inc., an Oregon corporation ("SMIT" or the
"Company").
SENTENTIA STRONGLY ADVISES ALL SHAREHOLDERS OF THE COMPANY TO
READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME
AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH
PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC'S WEB
SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE PARTICIPANTS IN THIS
PROXY SOLICITATION WILL PROVIDE COPIES OF THE PROXY STATEMENT
WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST.
The participants in the proxy solicitation are anticipated to be
Sententia Group, LP, a Delaware
limited partnership ("Sententia Group"), Sententia Capital
Management, LLC, a Delaware
limited liability company ("Sententia Capital"), Michael R. Zapata and Andrew P. Hines.
As of the August 21, 2018,
Sententia Group beneficially owns 308,900 shares of common stock,
no par value, of the Company (the "Common Stock"), representing
approximately 7.7% of the outstanding shares of Common Stock.
Sententia Capital, as the general partner of Sententia Group, may
be deemed to beneficially own the 308,900 shares of Common Stock
owned by Sententia Group. Mr. Zapata, as the Managing Member of
Sententia Capital, may be deemed to beneficially own the 308,900
shares of Common Stock owned by Sententia Group. Mr. Hines does not
beneficially own any shares of Common Stock.
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SOURCE Sententia Capital Management, LLC