Kanen Wealth Management, an investment research firm based in Coral Springs, Florida, released a letter it sent to the Lazydays RV Board of Directors.
Dave Kanen, president and portfolio manager of the company, in the letter took issue with Lazydays’ rejection of a takeover bid last week from B. Riley.
“We call on the board, and specifically lead independent director and interim CEO Bob Devincenzi, immediately to adopt a culture of transparency with its true owners, the shareholders of the company, and take concrete steps to create shareholder value,” the letter stated.
Kanen alleged that the company sent the letter March 21 without receiving a response before making the letter public.
Among the steps the company is agitating for Lazydays to take are:
- Revealing why Lazydays rejected B. Riley’s offer;
- Publicly revealing its standalone business plan;
- Discussing its capital allocation and investor relations plans; and
- Providing an update on the company’s CEO search.
“Finally, in light of the continued depressed share price and significant over-capitalization,” the letter stated, “we demand the company initiate a $100 million tender for shares and warrants, which we believe would be immediately and massively accretive.”
