The gross misalignment between the Company’s existing stockholders and its management, bankers and Conversant. The Board’s seemingly flawed and inadequate process for assessing the Company’s capital needs and entering into the agreement with Conversant. In our view, stockholders should be focused on the following when considering whether or not to support the Transactions: We urge you to look past those claims and focus on the facts. We also suspect the Company will claim it exhaustively explored strategic alternatives and evaluated other financing options, and that Conversant provided the best terms available to avert an imminent liquidity crisis.
In the days to come, Ortelius expects that Capital Senior Living will attempt to attack our analysis and argue that the Transactions with Conversant are in your best interest. If stockholders vote down the egregious Transactions, we believe the Board will be in a position to receive and solicit alternative financing proposals that are superior to the one put forth by Conversant. This is why Ortelius intends to vote AGAINST each of the Company’s proposals at the upcoming Special Meeting of Stockholders (the "Special Meeting").
#Analyst at ortelius capital series#
This is why we vehemently oppose the Board of Directors’ (the "Board") decision to enter into a series of exceedingly costly and highly-dilutive transactions (the "Transactions") that would also effectively hand over control of the Company to Conversant Capital LLC and its affiliates (collectively "Conversant").Īs it stands, the Board has given away any right to consider alternative and superior proposals – including from stockholders such as Ortelius – until the Transactions are voted down. As the pandemic subsides and industry fundamentals continue to improve, Ortelius firmly believes the Company can become a source of enduring value. We have continued to demonstrate our significant confidence in Capital Senior Living’s assets, operations and long-term potential by recently increasing our stockholdings from 7.2% to 12.7%. (together with its affiliates, "Ortelius" or "we") is one of the largest stockholders of Capital Senior Living Corporation ("Capital Senior Living" or the "Company"). (together with its affiliates, "Ortelius" or "we") today issued the below open letter to stockholders of Capital Senior Living Corporation (NYSE: CSU). NEW YORK-( BUSINESS WIRE)-Ortelius Advisors, L.P.
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