TRILLIUM CAPITAL REQUESTS SEAT ON GETTY IMAGES BOARD OF DIRECTORS

Rhea-AI Summary

On April 14, 2023, Trillium Capital LLC announced their request for Managing Partner Scott Murray to join the Board of Directors at Getty Images Holding (NYSE: GETY). Trillium Capital, which owns over 500,000 shares of Getty, believes the Board has a fiduciary duty to enhance shareholder value. Murray, with decades of executive experience, is seen as a suitable candidate for the Audit or Compensation Committees. He has a strong background in financial management and has led numerous successful M&A transactions. Trillium estimates that Getty has over $1 billion in untapped value, suggesting the stock should exceed $12 per share. They advocate for a strategic review to identify potential buyers. Trillium hopes shareholders will support Murray's nomination at the upcoming Annual General Meeting.

Positive

• Trillium Capital believes there is over $1 billion of untapped value in Getty.
• Scott Murray brings extensive experience in financial management and successful M&A transactions.
• Possible strategic review to enhance shareholder value.

Negative

• Concerns about continuity and potential experience gaps if Murray is not elected.

BOSTON, April 14, 2023 /PRNewswire/ -- Today, Trillium Capital LLC announced that it has requested that its Managing Partner, Scott Murray, join the Board of Directors of Getty Images Holding, Inc. (NYSE: GETY) ("Getty" or the "Company").

TRILLIUM CAPITAL REQUESTS SEAT ON GETTY IMAGES BOARD OF DIRECTORS

The principles of Trillium Capital LLC own over 500,000 shares of common stock and common stock equivalents of Getty. We believe that the Board of Directors of Getty (the "Board") has a fiduciary responsibility to maximize shareholder value for all stockholders. 

Trillium Capital has already approached Getty to elect its Managing Partner, Scott Murray, to its Board. Murray would make an excellent member of the Audit or Compensation Committees.

Murray has decades of experience. These include such things as:

• Serving as the Chief Financial Officer of The Learning Company.
• Serving as the Chief Executive Officer of Modus Media, 3Com, and Stream Global Services.
• Serving as the Chairman of the Board of H3C Technologies in China, Protocol Communications and Stream Global Services.
• Led private companies owned by large private equity firms that have led to substantial returns.
• Expert in turnaround situations and launching new strategy and revenue growth programs.
• Founder and Chairman of the Board of Global BPO Corp and raised $250 million in a Special Purpose Acquisition Corp. ("SPAC") in 2007.
• Invented the current PIPE & Tender SPAC process in 2008 that has been used in recent years to raise billions of dollars.
• Is a Chartered Accountant and a Financial Expert according to the rules of the United States Securities & Exchange Commission ("SEC").
• Substantial experience leading public companies and making related filings with the SEC.
• Completed and led over forty (40) M&A transactions.
• Completed over $2 billion of financings both public and private issuances.
• Deep experience with the financial community including leading investment banks and private equity firms.

Murray said; "I am thrilled to have the opportunity to join the Board of Getty.  If elected I would continue to hold shares of the Company that I own and would accept no compensation for my services on the Board."

Trillium Capital believes there is over $1 billion of untapped value in Getty and that the stock should trade above $12 per share. Murray would be a strong proponent of Getty conducting a strategic review process to identify a potential suitor.

Getty is a unique opportunity to create value for its shareholders. Trillium Capital believes that Murray would be an ideal candidate to join the Getty Board. We hope that he will be included in the upcoming proxy and that shareholders will vote FOR him at the upcoming Annual General Meeting. In the event that Getty does not include Murray in its Proxy Material, you might be able to vote for him or change your vote at the Annual General Meeting. 

SPECIAL NOTE REGARDING THIS LETTER:

THIS LETTER CONTAINS OUR CURRENT VIEWS ON THE VALUE OF SECURITIES CONDUENT INCORPORATED AND CERTAIN ACTIONS THAT THE BOARD OF DIRECTORS OF GETTY MIGHT TAKE TO ENHANCE THE VALUE OF ITS SECURITIES. OUR VIEWS ARE BASED ON OUR OWN ANALYSES OF PUBLICLY AVAILABLE INFORMATION AND ASSUMPTIONS WE BELIEVE TO BE REASONABLE. THERE CAN BE NO ASSURANCE THAT THE INFORMATION WE CONSIDERED AND ANALYZED IS ACCURATE OR COMPLETE. SIMILARLY, THERE CAN BE NO ASSURANCE THAT OUR ASSUMPTIONS ARE CORRECT. THE ACTUAL PERFORMANCE AND RESULTS OF GETTY MAY DIFFER MATERIALLY FROM OUR ASSUMPTIONS AND ANALYSES.

THIS LETTER ALSO REFERENCES THE SIZE OF OUR RESPECTIVE CURRENT HOLDINGS OF GETTY. OUR VIEWS AND OUR HOLDINGS COULD CHANGE AT ANY TIME. WE MAY SELL ANY OR ALL OF OUR HOLDINGS OR INCREASE OUR HOLDINGS BY PURCHASING ADDITIONAL SECURITIES. WE MAY TAKE ANY OF THESE OR OTHER ACTIONS REGARDING GETTY WITHOUT UPDATING THIS LETTER OR PROVIDING ANY NOTICE WHATSOEVER OF ANY SUCH CHANGES (EXCEPT AS OTHERWISE REQUIRED BY LAW).

FORWARD-LOOKING STATEMENTS:

Certain statements contained in this letter are forward-looking statements including, but not limited to, statements that are predications of or indicate future events, trends, plans or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties. Due to such risks and uncertainties, actual events or results or actual performance may differ materially from those reflected or contemplated in such forward-looking statements. Forward-looking statements can be identified by the use of the future tense or other forward-looking words such as "believe," "might, "expect," "anticipate," "intend," "plan," "estimate," "should," "could," "may," "will," "objective," "projection," "forecast," "continue," "strategy," "position" or the negative of those terms or other variations of them or by comparable terminology.

Important factors that could cause actual results to differ materially from the expectations set forth in this letter include, among other things, the factors identified in the public filings Getty. Such forward-looking statements should therefore be construed considering such factors, and we are under no obligation, and expressly disclaim any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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SOURCE Trillium Capital LLC

FAQ

What is Trillium Capital's request regarding Getty Images?

Trillium Capital has requested that Scott Murray, its Managing Partner, be elected to the Board of Directors of Getty Images.

How many shares does Trillium Capital own in Getty Images?

Trillium Capital owns over 500,000 shares of common stock and common stock equivalents of Getty Images.

What potential value does Trillium Capital see in Getty Images?

Trillium Capital believes Getty Images has over $1 billion in untapped value and that the stock should trade above $12 per share.

Who is Scott Murray and what is his background?

Scott Murray is the Managing Partner of Trillium Capital with decades of experience in financial roles and leading successful companies.

What does Trillium Capital propose for Getty Images' future?

Trillium Capital advocates for a strategic review process to identify potential suitors for Getty Images.