Investor Ridgedale Partners Issues Open Letter to Alan B. Levan, Chairman of the Board and Chief Executive Officer of BBX Capital Corporation, Accusing Him of Using Super Voting Structure to Snub Public Shareholders
Letter highlights the "Levan Discount," otherwise known as Massive Discount to Net Asset Value Resulting from Association with Current Management/Insiders and Their Voting Control
Ridgedale proposes that the company repurchase Class B Common Stock at $9.25 per share; Ridgedale willing to provide capital if necessary or purchase majority stake in Class B Shares
Paying insiders a massive premium of almost 50% is accretive to Class A Common Stock Holders due to the Levan Discount and allows for steps towards monetization to be taken
LOS ANGELES, Nov. 13, 2018 /PRNewswire/ -- Ridgedale Partners, LLC, a significant shareholder in the common stock of BBX Capital Corporation (NYSE:BBX), has issued an open letter to Alan B. Levan, Chairman of the Board and Chief Executive Officer of BBX, calling for the Board to immediately take action to address the large discount to intrinsic value represented by the trading price of the Company's equity.
In the letter, Ridgedale outlined a specific, accretive proposal that would allow the Company to repurchase the Class B Common Stock at an almost 50% premium to the market price of the Class A Common Stock, thereby removing the overhang of the "Levan Discount" on the trading price and allowing the true economic owners to take steps to realize the significant value of the Company's assets.
The full text of the letter – The Facts About BBX Capital Corporation – can be found at: www.bbxfacts.com
Contact: Liz Rosso 916-900-6728 [email protected]
SOURCE Ridgedale Partners, LLC
Related Links
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article