Calls on Board to put LKSD stockholders' interest first; May seek to call a Special Meeting to replace directors
NEW YORK, March 9, 2020 /PRNewswire/ -- Sententia Capital Management, LLC and its affiliates (collectively, "SENTENTIA") announced that it has delivered a letter to the LSC Communications Board of Directors ("LSC Board").
The LSC Board lacks relevant turnaround, restructuring and mergers and acquisitions experience that is required to best serve shareholders rights. Sententia believes LSC's Board is responsible for the current state of LSC Communications and the Board may seek to expedite bankruptcy filings to preserve management's positions. Sententia is calling on the Board to engage with Sententia immediately for the benefit of all shareholders.
Sententia has nominated six directors and are committed to working for the benefit of shareholders and the Company, not simply management and the LSC Board.
Please click the following link to access the full letter:
ABOUT SENTENTIA CAPITAL: Sententia is a value investing based capital management firm that runs a concentrated, deep value portfolio.
CERTAIN INFORMATION CONCERNING PARTICIPANTS
Sententia Capital Management, LLC, together with the other participants named herein (collectively, "Sententia"), intends to file a preliminary proxy statement and accompanying proxy card with the Securities and Exchange Commission ("SEC") to be used to solicit votes for the election of its slate of highly-qualified director nominees at the 2020 annual meeting of stockholders of LSC Communications, Inc., a Delaware corporation ("LKSD" or the "Company").
SENTENTIA STRONGLY ADVISES ALL STOCKHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS, INCLUDING A PROXY CARD, AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC'S WEB SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE PARTICIPANTS IN THIS PROXY SOLICITATION WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST.
The participants in the proxy solicitation are anticipated to be Sententia Group, LP, a Delaware limited partnership ("Sententia Group"), Sententia Capital Management, LLC, a Delaware limited liability company ("Sententia Capital"), Michael R. Zapata, Timothy E. Brog, Andrew P. Hines, Jo-Ann Longworth, David J. Paterson and Alexandre Zyngier.
As of the date of this press release, Sententia Group directly beneficially owns 869,687 shares of common stock, $0.01 par value per share, of the Company (the "Common Stock"). Sententia Capital, as the General Partner of Sententia Group, may be deemed to beneficially own the 869,687 shares of Common Stock owned by Sententia Group. Mr. Zapata, as the Managing Member of Sententia Capital, may be deemed to beneficially own the 869,687 shares of Common Stock owned by Sententia Group. As of the date hereof, none of Timothy E. Brog, Andrew P. Hines, Jo-Ann Longworth, David J. Paterson or Alexandre Zyngier own beneficially any securities of the Company.
SOURCE Sententia Capital Management, LLC