SBOW - Riposte Capital Calls for New Independent Directors at SilverBow Resources | Benzinga
Current Board has proven itself incapable of being credible stewards of capital or proper corporate governance
SilverBow trades at a 50% discount to peers & continues to pursue dilutive transactions, while maintaining the industry's only poison pill
NEW YORK, Nov. 30, 2023 /PRNewswire/ -- Riposte Capital LLC, one of the largest shareholders of SilverBow Resources, Inc. (NYSE:SBOW), owning approximately 6.7% of the Company's outstanding common stock, today sent the following letter to SilverBow's Board of Directors.
***
SilverBow Resources, Inc.
920 Memorial City Way, Suite 850
Houston, TX 77024
Attention: Board of Directors
Dear Sean and Members of the Board,
As significant and constructive shareholders of SilverBow Resources, Inc. (NYSE:SBOW), owning approximately 6.7% of the Company's outstanding common stock, we recognize the material unrealized value in SilverBow's assets across an important basin, and can no longer just hope that you will do better.
You have proven yourselves incapable of being credible stewards of capital or corporate governance. It is clear to us, and likely many others in the investment community, that you have no interest in enabling shareholders to exercise their right to participate in the strategic decision-making process. You also appear to have no intention of engaging in good faith discussions with potential suitors.
On June 14, 2023, as one of the largest shareholders in SilverBow, we called on you to take ...