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Legion Partners Releases Supplemental Presentation Setting the Record Straight on Primo Water Corporation’s Ongoing Efforts to Distract Shareowners
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
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Rhea-AI Summary
Legion Partners Asset Management has released a supplemental presentation detailing concerns regarding Primo Water Corporation (PRMW). They claim the company is employing smear tactics to distract from its poor performance, highlighting low customer growth and a subpar return on invested capital.
Legion, owning approximately 1.5% of outstanding shares, encourages shareholders to vote on the WHITE universal proxy card for their director nominees and against four long-tenured directors. The presentation emphasizes that, contrary to Primo's claims, its financials and strategic direction are not performing well.
Positive
Legion Partners owns approximately 1.5% of Primo Water shares, indicating some level of significant investment.
Legion Partners is proposing director nominees to enhance governance at Primo Water.
Negative
Primo Water shows close to zero customer growth.
The company has a low return on invested capital.
Legion Partners accuses Primo of suppressing shareholder rights.
Visit www.PurifyThePrimoBoard.com to Download a Copy of the Supplemental Presentation and Obtain Information About How to Vote on the WHITE Universal Proxy Card
LOS ANGELES--(BUSINESS WIRE)--
Legion Partners Asset Management, LLC (together with its affiliates, “Legion Partners” or “we”), which collectively with the other participants in its solicitation beneficially owns approximately 1.5% of the outstanding common shares of Primo Water Corporation (TSX/NYSE: PRMW) (“Primo” or the “Company”), today released a supplemental presentation detailing the Company’s smear tactics and attempts to divert attention from its poor performance. Despite Primo’s repeated assertion that its strategy is working, the reality is that it is not. The presentation highlights Primo’s long-term stock price and operating underperformance, close to zero customer growth, woefully low return on invested capital and its attempts to suppress shareowner rights. The supplemental presentation can be viewed at the following link: www.PurifyThePrimoBoard.com.
As a reminder, Legion Partners encourages shareowners to vote on the WHITEuniversal proxy card today for its director nominees, Timothy Hasara and Derek Lewis, not vote for four long-tenured incumbent directors, Jeremy Fowden, Billy Prim, Eric Rosenfeld and Greg Monahan, and against Proposal 5, which seeks to approve shareowner-unfriendly amendments to the Company’s advance notice bylaws. If Legion Partners’ legal action is effective, Legion Partners hopes to give shareowners the opportunity to also vote for its two other highly qualified director candidates, Henrik Jelert and Lori Tauber Marcus.
Legion Partners is an activist investment manager based in Los Angeles, CA, focused on U.S. small-cap companies. Legion Partners seeks to generate attractive long-term returns employing deep fundamental research, a concentrated portfolio and responsible, collaborative engagement as a catalyst for value creation. Founded in 2012, Legion Partners takes a value-driven approach to managing a high-conviction portfolio on behalf of sophisticated institutional and individual investors. Learn more at www.legionpartners.com.
