Blackwells Capital Reiterates the Need for Immediate Leadership Changes at IHS Holding Limited
- Blackwells Capital urges reconstitution of the Board of Directors and replacement of CEO and Chair Sam Darwish
- Shareholders voice concerns with governance, operational, and strategic failings at IHS
- IHS' share price dropped nearly 82% to date
- MTN Group transfers Nigerian tower contracts from IHS to American Tower
- IHS reports a $1.25 billion loss in Q2
- Board and CEO criticized for lack of accountability and proper disclosures
- None.
Believes the Board’s Complacency and Unwillingness to Hold CEO and Chair Sam Darwish Accountable in the Face of Ongoing Value Destruction Must End
Calls on the Board to Urgently Reconstitute in Order to Address Disclosure Issues, Governance Failings and the Need for a New CEO
Blackwells is Prepared to Take Necessary Legal Steps Should the Board Choose Entrenchment Over Acting in the Best Interests of All Shareholders
Jason Aintabi, Chief Investment Officer of Blackwells, commented:
“Since IHS’ initial public offering nearly two years ago, we have observed large-scale governance, operational and strategic failings which continue to impact the value of our investment. In past communications, we have called for CEO and Chair Sam Darwish to step down, while voicing our serious concerns with an inept Board kowtowing to his whims. Even the most basic suggestions have been met with resistance, despite the Company’s share price dropping nearly
Mr. Aintabi continued:
“What is clear to Blackwells is that the status quo at IHS cannot continue – as the Company’s share price decline of more than
Blackwells is hopeful that the Board will recognize the will of shareholders and act promptly. However, should the IHS directors instead choose to continue entrenching themselves and squandering shareholder capital in the process, we have taken steps to initiate proper legal action to ensure that leadership changes this Company so desperately needs can occur.”
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1Based on the closing price as of September 11, 2023 (
2MTN Makes Deal with American Tower to Run its Nigerian Towers (Bloomberg, September 8, 2023).
About Blackwells Capital
Blackwells Capital was founded in 2016 by Jason Aintabi, its Chief Investment Officer. Since that time, it has made investments in public securities, engaging with management and boards, both publicly and privately, to help unlock value for stakeholders, including shareholders, employees and communities. Throughout their careers, Blackwells’ principals have invested globally on behalf of leading public and private equity firms and have held operating roles and served on the boards of media, energy, technology, insurance and real estate enterprises. For more information, please visit www.blackwellscap.com.
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Longacre Square Partners
Charlotte Kiaie / Dan Zacchei (646) 386-0091 blackwells@longacresquare.com
Source: Blackwells Capital LLC