Clinton Group, Inc.
announced today that it has sent a letter to the board of directors of
Stillwater Mining Company SWC demanding changes to the strategy,
operations and management of the Company. Clinton Group owns a significant
stake in the Company.
The letter critiques the current management team and Board for a series of
strategic missteps and bad acquisitions; operating with a bloated cost
structure and marketing budget; and for issuing a high cost-of-capital
convertible bond in October. The letter goes on to demand the Board take seven
steps to improve the cash flow and operations of the business.
The letter also expresses the Clinton Group's view that the Company is
undervalued and that taking the steps outlined in the letter can help
stockholders realize fair value for the stock. The Clinton Group's valuation
analysis concludes that fair value is approximately $21-23 per share.
The complete text of the letter sent by Clinton Group to the board of
directors of Stillwater Mining is attached.
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