Featured Company News - Fred's Announces Appointment of Heath Freeman to Board of Directors
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LONDON, UK / ACCESSWIRE / August 16, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Fred's, Inc. (NASDAQ: FRED), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=FRED. The Company announced on August 14, 2017, the appointment of Heath Freeman, President and Founding Member of Alden Global Capital LLC ("Alden"), to its Board of Directors. The appointment will be effective at its next scheduled meeting, which is expected to be held on or before August 29, 2017, and is in connection with the execution of an Amended and Restated Cooperation Agreement between Alden and Fred's, dated August 11, 2017. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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Christopher Bodine resigned from Fred's Board of Directors, effective August 11, 2017, to focus his attention on other professional commitments. Following his resignation, the Board was actively searching for a highly accomplished pharmacy and healthcare industry veteran to add to the Board.
Terms of the Amended and Restated Cooperation Agreement
The Amended and Restated Cooperation Agreement extends the term of the parties' agreement into 2019 and contains updated terms regarding the parties' collaborative efforts to maximize value for Fred's shareholders.
As per the terms of the Amended and Restated Cooperation Agreement, Alden is subject to a certain customary standstill and other provisions. The complete agreement between Fred's Pharmacy and Alden will be included as an exhibit to a Current Report on Form 8-K, which will be filed with the Securities and Exchange Commission.
CEO and Board Chairman Welcomes the New Board Member
Thomas H. Tashjian, Chairman of the Board, said:
"The Fred's Board is pleased to welcome Heath to the Board of Directors. We look forward to leveraging Heath's deep retail, turn around, and financial expertise. We believe that adding a shareholder perspective to the Board as we continue to execute our healthcare transformation will accelerate value creation for all Fred's shareholders."
Michael K. Bloom, Chief Executive Officer (CEO) and Member of the Board of Directors, said:
"Over the past several months, we have gotten to know Heath and the rest of the Alden team, and have developed a healthy and productive relationship. With the benefit of Heath's contributions as well as those of the entire Board, Fred's will be better positioned for growth and generating positive free cash flow."
Professional Achievements of Heath Freeman
Heath Freeman, graduate of Duke University, currently serves as Vice Chairman of MediaNews Group, Inc. ("MNG"), the second largest newspaper business in the United States by circulation. At MNG, he leads the strategic review committee and serves on the compensation committee. Heath is a Co-Founder and serves on the board of SLT Group, Inc. a private boutique fitness business. He is also serving as Chairman of the Advisory Board for Jewish Life at Duke University's Freeman Center.
Heath Freeman is a Founding Member of New York-based investment firm, Alden Global Capital LLC, since its formation in 2007. He served as the President of the firm since 2014. In addition, Heath also co-founded City of Saints Coffee Roasters in 2013, a third wave coffee roaster, wholesaler, and retailer. Before joining Alden, he worked as an Investment Analyst at Smith Management, a private investment firm. Heath began his career as an analyst at Peter J. Solomon Company, a boutique investment bank, focusing on mergers and acquisitions, restructurings, and refinancing assignments.
About Fred's, Inc.
Established in 1947, Fred's is engaged in the sale of general merchandise through its retail discount stores and full service pharmacies. The Company operates over 601 discount general merchandise stores, including 14 franchised Fred's stores, mainly across the southeastern states. Fred's also owns and operates one additional retail chain. The Company is headquartered in Memphis, Tennessee.
Last Close Stock Review
On Tuesday, August 15, 2017, the stock closed the trading session at $6.13, dropping 4.96% from its previous closing price of $6.45. A total volume of 928.17 thousand shares have exchanged hands. The stock has a dividend yield of 3.92%. The stock currently has a market cap of $232.88 million.
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