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Capital Senior Living Corporation (NYSE: CSU) has filed its definitive proxy statement ahead of a Special Meeting on October 12, 2021. The meeting aims to approve raising up to $152.5 million through private placements of convertible preferred stock and a common stock rights offering contingent on the prior placement. The Company encourages shareholders to vote using the WHITE proxy card in favor of these transactions. Detailed documents are available on the SEC's website.
Capital Senior Living Corporation (NYSE: CSU) has announced a common stock rights offering of approximately $70 million, allowing shareholders to purchase additional shares at $32.00 each. The record date is September 10, 2021, and the subscription period runs until October 18, 2021. The company may issue around 2.19 million new shares and up to $42.5 million of Series A Convertible Preferred Stock if the offering is not fully subscribed. Proceeds will be used for working capital, debt repayment, and growth projects.
Ortelius Advisors, L.P., a significant stockholder of Capital Senior Living (CSU), expresses strong opposition to the Board’s proposed transactions with Conversant Capital, citing inadequate process and potential dilution of stockholder value. Ortelius increased its stake from 7.2% to 12.7%, asserting the Board's mismanagement and failure to explore better alternatives. The firm emphasizes a history of poor oversight and urges shareholders to vote against the Board's proposals, which they believe favor management and bankers over stockholder interests. Ortelius contends that the company does not face an immediate liquidity crisis.
Capital Senior Living Corporation (NYSE: CSU) announced it has regained compliance with NYSE continued listing standards as of August 17, 2021. This follows a previous notification in April 2020 regarding non-compliance with market capitalization and stock price standards. The removal of the '.BC' indicator from its stock symbol will take effect. CEO Kimberly S. Lody emphasized the company’s ongoing focus on resident care and strategic growth initiatives aimed at strengthening its financial standing.
Capital Senior Living Corporation (NYSE: CSU) has announced that it has regained compliance with NYSE continued listing standards as of August 17, 2021. This follows a prior notification regarding non-compliance due to market capitalization and stock price issues. President and CEO Kimberly S. Lody expressed satisfaction with this achievement, reaffirming the company’s commitment to enhancing its financial foundation, operational performance, and strategic growth. The removal of the “.BC” indicator next to the stock symbol signals restored compliance.
Ortelius Advisors, owning approximately 12.7% of Capital Senior Living (NYSE: CSU), has filed a preliminary proxy statement opposing the Company’s transactions with Conversant Capital. Ortelius criticized the Board's financial decisions and lack of expertise, citing a 93% decline in shareholder value since 2015. Despite this, Ortelius believes in the Company’s long-term potential, having increased its stake recently. The advisor aims to represent stockholders' interests against these dilutive transactions at the upcoming special meeting.
Capital Senior Living Corporation (NYSE: CSU) has corrected inaccuracies in its second quarter 2021 financial results, initially reported on August 12, 2021. Operating expenses were revised to $36.4 million with a margin of 21.5% for Q2 2021, while 2020 figures adjusted to $34.7 million and 30.0% respectively. The revisions also affect the operating expenses and margin comparisons to previous quarters. Stakeholders are advised that only verified figures should be considered for financial assessment.
Capital Senior Living Corporation (NYSE: CSU) reported second quarter 2021 results, highlighting a strategic investment from Conversant Capital and a proposed rights offering aimed at raising up to $152.5 million. Average occupancy rose to 80.4%, a significant increase from the pandemic low of 75.3%. Revenue for Q2 increased by $1.3 million (2.8%) compared to Q1. The company reported a net income of $49.1 million, recovering from a loss of $12.8 million in Q2 2020. A notable gain of $67.2 million arose from debt extinguishment linked to the transition of six communities back to Fannie Mae.
Capital Senior Living Corporation (CSU) acknowledged a letter from Ortelius Advisors concerning its recent transactions with Conversant Capital. The Company emphasizes its commitment to stockholder value and states that the Board of Directors conducted a comprehensive review before unanimously approving the deal with Conversant. Details of this process will be available in an upcoming preliminary proxy statement. It's noted that no solicitation of securities offers is included in the press release, and stakeholders are urged to review forthcoming SEC documents for important transaction information.
Ortelius Advisors, a significant shareholder in Capital Senior Living Corporation (CSU), has expressed strong opposition to the company's proposed transactions with Conversant Capital. Ortelius, holding approximately 9% of CSU's common stock, highlights a 48% decline in stock price since the announcement of these transactions on July 2. The firm criticizes the transaction terms as excessively dilutive and harmful to existing shareholders, suggesting they undermine fiduciary responsibilities. Ortelius calls for a comprehensive review of strategic alternatives, believing that CSU has substantial long-term potential.
