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Osmium Partners, the second-largest shareholder of Articore (ASX:ATG), has issued a letter urging shareholders to vote for its four director nominees at the upcoming Annual Meeting on October 24, 2024. Osmium criticizes Articore's board for:
1. Persistent underperformance and share price decline
2. Multiple CEO changes and strategic misfires
3. Declining revenue for three years
4. Underperforming the ASX200 by ~100% since 2019
Osmium highlights its successful campaign with Leaf Group (NASDAQ: LEAF), which resulted in an acquisition at 1.4x EV/Sales. They argue that Articore's current 0.17x EV/Sales valuation is among the lowest for digital marketplaces, citing poor board decisions. Osmium plans to release a strategy to maximize shareholder value and urges votes for its nominees on Resolutions 4, 10, 11, and 12.
Viad Corp (NYSE: VVI) has announced the appointment of Beverly K. Carmichael as an independent director, effective February 21, 2022. With over 30 years of experience in senior roles across various industries, including hospitality and technology, Carmichael will also serve on the Human Resources Committee. Her extensive background includes previous board service at Leaf Group (NYSE: LEAF) and advisory roles in hospitality tech. Chairman Richard H. Dozer expressed confidence that her expertise will greatly benefit Viad's growth strategy.
On June 10, 2021, Leaf Group (NYSE: LEAF) announced that its shareholders approved a merger with Graham Holdings Company (NYSE: GHC), where Graham will acquire Leaf for $8.50 per share, valuing the deal at approximately $323 million. This transaction received approval from 59.14% of outstanding shares as of May 3, 2021, and is expected to close on June 14, 2021, pending certain conditions. Leaf Group is known for its creator-driven brands in lifestyle categories, including fitness, wellness, and home design.
Leaf Group (NYSE: LEAF) has announced it will not increase the merger consideration of $8.50 per share, as confirmed in a letter from Graham Holdings (NYSE: GHC). The proposed price is deemed final after thorough due diligence. Graham Holdings expresses enthusiasm for Leaf Group's business and alignment with its long-term strategic goals. The merger is part of a process outlined in prior SEC filings, including a proxy statement sent to stockholders on May 6, 2021.
Leaf Group Ltd. (NYSE: LEAF) announced Institutional Shareholder Services Inc. (ISS) has recommended shareholders support its merger with Graham Holdings Company (NYSE: GHC). This endorsement highlights the significant value the merger presents for shareholders compared to remaining an independent entity. Leaf Group’s Board of Directors unanimously advocates for the merger and related proposals, emphasizing the importance of shareholder voting. ISS also supports proposals regarding executive compensation and potential adjournment of the voting meeting if necessary.
The Other Art Fair will host its second edition in Dallas from October 21-24, following its successful inaugural event in 2019. This year's fair, taking place at the Dallas Market Hall, features over 100 independent artists and experiential showcases by local creatives. Additionally, a virtual version will be available from May 25-30, offering an interactive shopping experience. The New Futures initiative will spotlight emerging and underrepresented artists, with applications currently open for Dallas-based creators.
The Other Art Fair Brooklyn, Virtual Edition, takes place from May 11-16, featuring over 80 emerging artists. In partnership with BOMBAY SAPPHIRE, the event offers artist-led workshops, a short films program, and live conversations. Visitors can engage directly with artists through video calls. Notable features include the ArTech Collective exhibition and GIPHY Arts Spring Showcase. Following the virtual fair, an in-person edition will occur from July 22-25 at the Brooklyn Expo Center. This initiative also promotes underrepresented artists through the New Futures award.
Leaf Group Ltd. (NYSE: LEAF) announced its merger with Graham Holdings Company (NYSE: GHC) at $8.50 per share, valuing the transaction at approximately $323 million. The Leaf Group Board unanimously recommends this all-cash offer, citing it as the best option for shareholders compared to remaining independent, given the risks involved. Despite recent revenue growth, challenges in achieving Adjusted EBITDA persist, with concerns regarding declining revenue in its Media Group and potential post-pandemic slowdowns for its Society6 and Saatchi Art groups. The Board emphasizes the certainty and immediate cash value of the merger.
Leaf Group Ltd. (NYSE: LEAF) reported a 58% year-over-year increase in total revenue for Q1 2021, reaching $51.9 million. Key contributors were Society6 Group and Saatchi Art Group, with revenue growth of 106% and 86%, respectively. However, the Media Group experienced a decline of 2%. The company reported a net loss of $6.3 million, an improvement from the previous year's loss of $10.7 million. Cash and cash equivalents stood at $52 million, with significant investments planned for Q2 2021. Free cash flow was negative at $14.4 million, reflecting net cash used in operating activities.
