The letter, which was sent on Monday, raises a number of concerns, including
that Tronc had moved forward the date of its annual meeting by more than 30 days, a decision the letter contends was “designed to limit shareholders’ ability to nominate directors.” The letter also says that Tronc’s board notified Dr. Soon-Shiong that it had not renominated him “only after the nomination window had closed.” That would have prevented Dr. Soon-Shiong from putting forward an alternate slate of directors.
Along with sending the letter, Dr. Soon-Shiong has demanded access to Tronc’s books
and records, including communications with board members and Tronc’s lawyers related to the company’s decision to move up the date of its annual meeting and to its purchase of shares from Oaktree, among other decisions.
The letter also says that Nant Capital “is troubled by the company’s corporate governance, or lack thereof.” Nant believes
that that “poor corporate governance” is among the reasons that Tronc’s stock is trading “at a meaningful discount” to the price Nant paid for its shares, the letter adds.
Tronc Feud Escalates as Billionaire Investor Demands Access to Records -
By SYDNEY EMBERMARCH 27, 2017
Patrick Soon-Shiong, a billionaire doctor in Los Angeles
and a major shareholder in the newspaper publisher Tronc, has sent a letter to Tronc’s board accusing the company of “poor corporate governance” and asking for access to its books and records.
