DALLAS, March 25, 2020 /PRNewswire/ -- On behalf of
Palogic Value Fund, LP, a stockholder of approximately 800,000
shares, or 4.3% of the shares outstanding of SPOK Holdings, Inc.,
(NASDAQ: SPOK) ("SPOK" or "the "Company), Palogic Value
Management, LP announced today that it sent the following letter to
the Board of Directors of SPOK prior to the market close on
March 24, 2020.
PALOGIC VALUE MANAGEMENT, LP
March 24, 2020
Board of Directors
SPOK Holdings, Inc
6850 Versar Center, Suite 420
Springfield, Virginia
22151-4148
To the Board of Directors:
We are extremely encouraged by the unsolicited offer presented
to the Company from B. Riley Financial dated March 16, 2020.
In light of this proposal and our longstanding view that the
Company will never realize its full strategic value in the public
markets, we request the board immediately announce the formation of
a special committee to oversee a thorough and transparent sale
process. We believe that the largest shareholder
representative on the board should chair the newly formed strategic
committee. The only conclusion to this process that we will
support is a transaction to sell the company at the highest price
received.
We believe the B. Riley Financial proposal should serve as a
floor, and we expect significant strategic interest to emerge once
a full and transparent sale process commences. As an equity
shareholder for over six years, we are convinced that fair value
for shareholders will only be realized through the sale of the
Company to a strategic partner who provides the scale and scope
needed to capitalize on the large investment the Company has made
into its software unit. Unfortunately, we have lost faith in
the Company's ability to maximize our investment on their own given
declining corporate profitability and extremely limited visibility
following years of significant software unit spend.
We look forward to a timely and successful conclusion to the
sale process.
Regards,
Rob
Peters
|
Ryan
Vardeman
|
Scott
Williams
|
Principal
|
Principal
|
Principal
|
Palogic Value
Management, LP
|
|
|
About Palogic Value Management, LP
Since its formation in 2006, Palogic Value Management, LP has
specialized in investing in small cap securities.
Contact:
Ryan Vardeman, Principal
pr@palogicfund.com
(214) 871-2700
View original
content:http://www.prnewswire.com/news-releases/palogic-value-management-lp-issues-letter-to-spok-holdings-inc-board-of-directors-301029422.html
SOURCE Palogic Value Management, LP