Park City Capital Issues Statement in Advance of ARI Network Services’ Second Quarter Fiscal 2017 Earnings Conference Call
09 Marzo 2017 - 8:00AM
Business Wire
Park City Capital, LLC, the beneficial owner of approximately
5.7% of the shares of ARI Network Services, Inc. (Nasdaq Capital
Market:ARIS), today issued the following statement by its Chief
Executive Officer Michael J. Fox regarding ARI Network Services’
second quarter fiscal 2017 earnings conference call scheduled to be
held this afternoon:
“We are looking forward to ARI’s conference call this afternoon.
Below are three questions we believe all shareholders would like
management to address on the call.
1. Has the board hired an investment banking firm? 2.
Are you returning all calls from private equity funds and other
interested buyers? 3.
Management made it clear over the past
several months that it opposes Park City Capital’s plan to maximize
value for all shareholders. However, when I met privately with Roy
Olivier and Will Luden following ARI’s annual meeting on January 5,
2017, Mr. Olivier implied that his plan is to stimulate a bid from
one party and to run a process off of that bid. In addition, Mr.
Olivier said that he didn’t disagree with anything I said in my
statement at the annual meeting. If management’s strategy is to
stimulate a bid from one buyer and then run a process off of that
bid, we believe its strategy is flawed unless job security for
management is more important than maximizing value for all
shareholders. If management engages with one potential buyer, it
will likely be difficult for management to maximize the price as
the potential buyer has all the leverage. We continue to be
disappointed that apparently the board refuses to run a robust
process that would likely maximize value for all shareholders. We
continue to believe that a robust process would yield a transaction
between $8 and $10 per share. We believe management’s implied
strategy will likely yield a bid of $7 to $8 per share and will
likely include a large break-up fee that would likely deter any
additional bids that would maximize value for all shareholders. Is
management only interested in engaging with parties that will
preserve managements’ jobs and is that more important to management
than maximizing value for all shareholders?”
About Park City Capital
Park City Capital, LLC is a private investment firm located in
Dallas, TX. The firm manages private investment funds exclusively
for qualified individuals, family offices and institutional
investors. Park City Capital was founded in 2008 by Michael
Fox.
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version on businesswire.com: http://www.businesswire.com/news/home/20170309005277/en/
Park City Capital, LLCMichael J. Fox, 214-855-0801Chief
Executive Officer
ARI Network Services, Inc. (NASDAQ:ARIS)
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