There is some drama going on in the shareholding structure of Nasdaq-listed music rights company Reservoir Media.
Eric Capitalwith approx. 8% Reservoir released a statement today (September 30) outlining its intentions as an active shareholder in the company.
The statement read: “On September 30, 2024, Irenik Capital Management Ltd. believe in securities [Reservoir] are significantly undervalued and encourages companies to conduct a comprehensive strategic review of all alternatives to maximize shareholder value and to establish a special committee of the Board of Directors to oversee such review process.
“also, Eric Capital Means that it may consider, explore and/or formulate plans and/or make recommendations on matters raised etc.
To summarize: Irenik Request a policy review reservoirand threatened to submit its own proposal to shareholders if such a review was not conducted.
In response to Irenic Capital’s statement, reservoir “The Reservoir Media board values shareholder input and we remain focused on executing our strategy to drive value, consistent with our fiduciary responsibility to all shareholders,” a spokesperson told MBW.
(MBW’s explanation for the statement: The reference to focusing on “executing our strategy” — rather than anyone else’s — may indicate of reservoir So far, management has been relatively quiet on Irenik’s requests.
When this report was published, reservoir media The current Nasdaq stock price is $7.79, with a market capitalization of approximately $504 million.
The share price rose approx. 10% Year to date and beyond Annual growth of 30.5% (see below), according to Google Finance.
understand of reservoir Ownership structure helps understand this challenge Eric Capital Submitted to the Board of Directors.
According to the latest relevant filings from the U.S. Securities and Exchange Commission, Eric Capital have 5.299 million shares reservoir,represent 8.1% Corporate.
This equity is related to west pictorial co.with more than 28.5 million Reservoir shares, approx. 44% equity in the company.
Weiss Illustrated, Run by Chairman, Hassan KhosrowshahiIs a subsidiary of Persis Holdings Ltd and represents the investment interests of Persis Holdings Ltd Khosrowshahi family.
Gornar Khosrowshahi is the founder and CEO of Reservoir. Since its establishment reservoir In 2007, she led the company to represent 150,000 Copyright and 36,000 Master recording.
company generation $144.9 million Annual revenue for the 12 months ending in its financial year March 2024. This number has risen 14% annual increase organically, or 18% annual increase Including acquisitions.
Reservation’s other institutional shareholders include Richmond Hill Investment Company – through ER Reservoir Ltd. – own 13.64 million The company’s stock, according to U.S. Securities and Exchange Commission filings. This is approximately equivalent to twenty one% Reservoir Rights.
Elsewhere, companies such as BlackRock Institutional ownership of units of Reservoir.
Headquartered in Manhattan Eric Capital Founded in Adam Katz and Andy Dodge.
Katz is a former associate portfolio manager at Elliott Management; dodge Previously served as an investment partner at Indaba Capital Management.
According to Irenic’s website: “Irenic invests in public companies and partners with company leadership. Our goal is to improve operating and financial performance and create long-term value for the company and its owners.global music business
