PRKA - Marlton LLC Continues to Advocate for Immediate $1.5 Million Return of Capital to Stockholders and Commencement of Strategic Alternatives Process
CHICAGO, Feb. 13, 2019 /PRNewswire/ -- Today Marlton LLC ("Marlton") released the following statement regarding Parks! America, Inc. (OTC: PRKA).
Just a few days ago PRKA released its results for the fiscal quarter ended December 30, 2018. The release disclosed unimpressive earnings, and once again blamed disappointing results on external factors (the weather). We are disheartened by the PRKA Board of Director's continued refusal to disclose its long-term strategic plan, as well as their lack of accountability and leadership.
We question whether the Board is "highly focused on enhancing shareholder value" as stated in PRKA's release, or if these are merely words used to try and convince the Company's stockholders to continue to remain silent. We believe it is imperative that the Board actively engage in a strategic process and disclose how they plan to accomplish PRKA's strategic goals.
We reiterate our previously stated suggestions that taking the following steps to dramatically improve PRKA's current capital allocation strategy and corporate governance would in turn improve stockholder returns:
- Return of capital of $1,500,000 through either a Special Dividend of $0.02 per share representing 12.4% of PRKA's market capitalization based on a share price of $0.162 or a Modified Dutch Auction Tender.
- Announce the formation of a Special Committee of Current Independent Board Members Charles A. Kohnen & Jeffrey Lococo, to explore all strategic alternatives to maximize stockholder value, including the disbursement of a Special Dividend, Modified Dutch Auction Tender and/or the sale of the Company.
We will continue to monitor developments at the Company very closely and are exploring actions that we believe are necessary to protect the best interests of the Company's stockholders.
SOURCE Marlton LLC