Thursday, 28 August 2014
Last updated 5 hours ago
Nov 27 2007 | 12:40pm ET
Activist hedge fund shop Strongbow Capital Management is taking aim at the management of Duckwall-ALCO Stores and is making noise about nominating new directors at the regional retailer’s 2008 annual meeting.
On Nov. 20, Strongbow’s chairman Raymond French sent a letter to Duckwall’s board and management venting his frustration at the company’s failed three-year turnaround program.
“To date, along with the company’s other shareholders, we have been patient with the current board and current management in achieving the financial goals espoused by the company’s chairman and CEO at the start of the three-year turnaround program,” wrote French. “In the last fiscal year the company achieved an ROE of 5.5%; further, in the 12-month period ended with the second quarter of this year, it achieved an ROE of 3.88%. Even if the company achieves its operating plan for this fiscal year, it will still fall far short of a mid-teens percentage ROE.”
And unless French sees “satisfactory concrete progress in the problem areas” and an “acceptable” improvement in the company’s 12-month run-rate ROE by the end of Q3 of this fiscal year, he is threatening to nominate a slate of directors for election to the board and make other proposals at that 2008 annual meeting.
Strongbow Capital currently owns 543,517 shares, or 14.27% of Duckwall, making it the largest shareholder of the company.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...