Corvex Management Advises Kindred Group PLC of 15% Ownership and Plan to Participate on Nomination Committee

Rhea-AI Summary

On August 10, 2022, Corvex Management LP, the largest shareholder of Kindred Group PLC, announced ownership of 34,522,588 shares, over 15% of outstanding shares. Corvex plans to participate in the upcoming Nomination Committee and asserts that Kindred is undervalued in the market. They emphasize the importance of the Board evaluating all strategic alternatives, including a potential sale, to enhance shareholder value. Corvex expresses its commitment to work constructively with current management to maximize long-term value for all shareholders.

NEW YORK--(BUSINESS WIRE)-- On August 10, 2022, Corvex Management LP sent the following letter to the Board of Directors of Kindred Group PLC (Nasdaq Stockholm: KIND-SDB):

Dear Members of the Board:

We are writing to notify the Board that funds advised by Corvex Management LP (“Corvex”) currently own 34,522,588 shares of Kindred Group PLC (the “Company”) representing over 15% of the outstanding shares, and making us your largest shareholder. Corvex will be promptly filing a European Securities and Markets Authority (ESMA) Major Holdings Notification reporting such ownership.

We are excited to be a significant investor in the Company and believe that Kindred is worth substantially more than the value implied by the current trading price for Kindred’s shares.

As Kindred’s largest shareholder, we intend to formally express our interest in participating in the Nomination Committee, which we understand will be formed at or shortly after the end of August.

We look forward to working on the newly comprised Nomination Committee with representatives of Kindred’s other largest shareholders and Kindred Chairman Evert Carlsson. In our view, the committee should seek to nominate directors with a mandate to maximize long-term, risk-adjusted value for all Kindred shareholders.

As stated in our May 4^th press release, we continue to believe Kindred should study all potential strategic alternatives, including a sale of the Company. A Board that is fully informed and aligned with shareholder interests will be best positioned to weigh potential alternatives against the Company’s status quo business plan.

In the interim, we look forward to working constructively with the current Board and management to help deliver value for all shareholders.

Sincerely,

Keith Meister

View source version on businesswire.com: https://www.businesswire.com/news/home/20220809005949/en/

Jonathan Gasthalter/Iain Hughes

Gasthalter & Co.

+ (212) 257-4170

Source: Corvex Management LP

FAQ

What is the significance of Corvex Management's stake in Kindred Group PLC as of August 10, 2022?

Corvex Management owns 34,522,588 shares, representing over 15% of Kindred Group PLC, making it the largest shareholder.

What does Corvex Management intend to do regarding the Nomination Committee for Kindred Group?

Corvex plans to formally express interest in participating in the Nomination Committee set to form shortly after the end of August.

Why does Corvex believe Kindred Group is undervalued?

Corvex believes that the current trading price does not reflect Kindred's true worth and is advocating for strategic alternatives.

What potential actions does Corvex suggest for Kindred Group's Board?

Corvex suggests that the Board should consider all strategic alternatives, including the possibility of selling the Company.

Who is the primary contact for media inquiries related to this announcement?

Media inquiries can be directed to Jonathan Gasthalter or Iain Hughes at Gasthalter & Co.