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Ancora Alternatives LLC ("Ancora"), as the third-largest shareholder of Avon Protection PLC ("AVON") with approximately 5.1% ownership, wishes to inform their Board of Directors of several concerns that have been voiced regarding Avon Protection. Please be aware that this letter should only be taken as informational purposes and should not be taken as investment, financial, or legal advice. The Company’s Board Needs to Rediscover Its Duty to Shareholders Ancora's role as the largest shareholder of AVON requires it to play an active role in its portfolio companies, through Ancora's "active ownership" investing strategy, which emphasizes positive, constructive dialogues with management teams and boards to identify paths that maximize value creation for all shareholders. Ancora believes the current Board and management team have been too focused on M&A driven growth rather than on optimizing core profitability and ROIC improvement opportunities, such as creating >1,000bps margin improvements on Expedited LTL business through expense control and enhanced operating discipline. Ancora believes that an absence of financial interest from both management and Board in the Company is leading to an environment wherein senior managers do not hold themselves accountable for results. We believe that with more disciplined oversight from a new Board and improved management team in place, Ancora can regain focus on what really matters for stockholders. Ancora has also requested the Board review a revised transaction with Ritchie Bros. Auctioneers Inc, offering them substantial cash consideration and premium shares in return. Similarly, Ancora suggested they reconsider their plan to sell TaxAct, acquired in 2012 due to no synergies between businesses as well as deep discount trading against similar stocks. Ancora recommended to the Board that Thomas Schmitt be removed as Chairman and one or more of its nominees appointed instead, should it fail to heed Ancora's recommendations it engage in a negotiated sale process for the Company. Ancora's nominees to serve on its Board include James Chadwick, Andrew C. Clarke, Dawn Garibaldi and Scott M. Niswonger ("the Ancora Appointees"). All four directors possess the necessary qualifications for serving. Once appointed as directors of Ancora, these individuals will be subject to all protections and obligations associated with being appointed directors such as confidentiality requirements, conflicts of interest restrictions, related party transactions fiduciary duties codes of conduct trading disclosure policies director resignation policies (collectively known as Company Policies). Additionally these individuals are willing nominee for election at 2021 Annual Shareholder meeting by being nominated as Board nominees by other shareholders. The Company Needs to Enact a Formal Review of Strategic Alternatives AVON requires a strategy that will unlock additional value for its shareholders, which involves conducting a formal assessment of strategic alternatives including possible sale or partnership arrangements. As part of the development process for strategic alternatives, companies must identify both external opportunities and threats as well as internal strengths and weaknesses. A useful tool in this exercise is the TOWS Matrix which helps align external threats and opportunities with internal strengths and weaknesses. Once completed, strategic alternatives can then be explored further by the company. An effective strategic alternatives process requires conducting an in-depth examination of opportunities and threats to determine the overall risk involved with each strategy, using two important metrics - return on investment (ROI) and feasibility (feasibility) as criteria for evaluation. ROI measures expected long-term returns of shareholder investments while feasibility assesses whether an initiative can be afforded with minimal effects on profitability. Though completing a strategic alternatives process may be challenging, its results can be invaluable. It forces boards to explore all possible options available to them and to understand how each could impact long-term financial performance of their companies. In addition, it gives boards an opportunity to discuss this strategy with management to assess whether its current approach is on course to produce desired financial returns. Due to the urgency and reluctance to admit flaws or ineffectiveness in business plans, boards often do not engage in regular strategic oversight processes. Furthermore, regular board meetings are typically unsuitable settings for discussing strategic shortcomings; managers may become impatient if board members raise any concerns regarding them. Ancora has put forward several governance reforms designed to strengthen its board's capacity to respond when its business strategy fails, yet these proposals alone do not resolve this problem. A more lasting solution would require Ancora to introduce a formal process for exploring potential strategic alternatives with independent directors involved as part of it. The Company Needs to Ensure It Has the Right People in Place Establishing the appropriate talent base is critical for businesses to run efficiently and generate value, according to Ancora. Employees form the cornerstone of any organization, while a lack of talent may elevate risk that threatens competitiveness in the market. Ancora believes AVON leadership must ensure it is equipped with adequate talent in order to support its ongoing success and future expansion for the sake of all stockholders. Ancora Alternatives LLC and its affiliates ("Ancora") is the third-largest shareholder of AVON with approximately 5.1% of outstanding shares. This information provided herein should only be relied upon as general advice and should not be relied upon as investment advice or financial guidance. The Company Needs to Take Action AVON Protection PLC designs and produces life critical personal protection systems to maximize customer performance. Their product portfolio encompasses chemical, biological, radiological, nuclear (CBRN), respiratory protection products and head protection. Primarily serving militaries and first responders with most revenue generated from Respiratory Protection segment. Melksham-based WNS employs approximately 1,200 staff. At the start of 2017, AVON Protection's CEO Paul McDonald announced his resignation, with non-executive chairman Bruce Thompson taking temporary control until December. It is clear that AVON Protection requires new leadership to steer it in more positive directions. As such, now is the time for institutional investors to act. Since these shareholders collectively own over 50% of the Company shares, their opinions can have a profound effect on its direction. While not currently listed on any major stock exchange, the Company boasts a fairly significant shareholder base that includes both public and private pension funds and endowments which could provide momentum needed to bring about meaningful change. Ancora Alternatives LLC ("Ancora") is the third-largest shareholder of AVON, owning 5.1% of outstanding shares. Ancora specializes in long-term value investing with an established track record for creating significant shareholder value through active involvement and hands-on management of investments. Avon protested the Navy's evaluation and selection of Ocenco for contract award under RFP No. N61331-13-R-0004, alleging that Avon did not engage in meaningful discussions about its proposal and was denied an equal opportunity to address issues that prevented Avon from fulfilling technical approach evaluation factor requirements. We find no merit in this argument. In reality, the contemporaneous record shows that Avon and SSEB held robust discussions regarding this matter and did not identify any weaknesses or deficiencies in Avon's proposed EEBD that could be resolved during discussions, as required by evaluation factor. Furthermore, neither did either party identify areas within their proposal which required additional evaluation consideration as was alleged by protester.