MEQUON, Wis., Jan. 9, 2019 /PRNewswire/ -- Activist
investor Global Value Investment Corp. (GVIC) has delivered an open
letter to the Chairman of the Board of Directors of Bristow Group
Inc. (NYSE: BRS) expressing objections to the proposed financing of
Bristow's planned acquisition of Columbia Helicopters, Inc. This
letter can be viewed by visiting GVIC's website:
https://www.gvi-corp.com/category/press-releases/.
Under the proposed financing, GVIC estimates that between 33.0
million and 33.5 million shares of Bristow's common stock will be
issued in order to consummate the Columbia acquisition. Compared to Bristow's
November 2, 2018 outstanding share
count of 35.8 million, this represents dilution of approximately
93%. GVIC believes that any benefits that may result from the
Columbia acquisition are greatly
outweighed by this dilution.
GVIC believes that Bristow's common stock trades at a steep
discount to the company's intrinsic value, and that several
strategic alternatives exist to unlock shareholder value. GVIC is
prepared to work collaboratively with Bristow's Board of Directors
and other shareholders to advance such alternatives. Otherwise,
GVIC is prepared to take all actions it deems necessary to ensure
shareholders' interests are fully considered and protected.
About Global Value Investment Corp.
Global Value
Investment Corp. is a value-oriented investment research and
advisory firm focused on investing in the equity and debt of
publicly traded companies around the world. The firm was founded in
2007 in Mequon, WI, and has since
opened additional offices in Boston,
MA, Charleston, SC and
Hyderabad, India.
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SOURCE Global Value Investment Corp.