According to Stifel Report, OSW Management Admitted in Private Meeting that They Have Identified Alternative Financing Options – Thereby Contradicting Management’s Prior Statements
Deep Field Demands Management Remedy Selective Disclosure and Make These Alternative Financing Options Public Prior to Conducting a Vote
According to a research report published last night by Stifel, in private conversations with several investors on
This selective disclosure directly contradicts prior written disclosure by management on its Schedule 14A proxy filings, where the linchpin of management’s case defending the
But Stifel goes on to paraphrase management’s message to investors: “if they did use their cash on their balance sheet to pay down their revolver [before
From our conversations with fellow shareholders, management’s purported lack of alternatives is clearly the definitive reason cited as a basis to vote for this transaction, which makes this question absolutely essential to the entire argument.
We therefore call on OSW management to correct their selective disclosure immediately and to clarify their prior public statements. Because it now appears that they have acknowledged openly (albeit in private) that they have identified potentially viable alternative options to raise liquidity, OSW management must publicly state what these options are. There can be no doubt that these options are highly material to OSW shareholders in deciding on how to vote on the highly dilutive insider transaction. Furthermore, the filing by a Board of proxy statements which conflict with management’s selectively disclosed honest assessment of its options may constitute gross negligence.
The importance of the shareholder vote on OSW’s highly dilutive insider transaction cannot be overstated – and we continue to urge shareholders to vote AGAINST this deal.
For additional communications from Deep Field, visit www.VoteNoOSW.com.
IMPORTANT NOTICE: This material is for general informational purposes only and is not intended to be relied upon as investment advice. The opinions expressed are those of DFAM of
The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this material is at the sole discretion of the reader.
DFAM is the investment adviser for funds that beneficially own 1,842,487 shares of
DFAM is not soliciting proxies relating to the OSW shareholder meeting and does not have the authority to vote your proxy. DFAM urges OSW shareholders to vote against the proposed transaction.
1 Stifel Analyst Note,