Red Lion Hotels Corp RLH:NYSE

Last Price$6.82NYSE Previous Close - Last Trade as of 4:02PM ET 7/19/19

Today's Change-0.06(0.87%)
Bid (Size)$6.77 (1)
Ask (Size)$7.80 (5)
Day Low / High$6.80 - 6.90
Volume88.0 K

Red Lion Hotels Board Responds to Vindico Capital Letter

10:31AM ET 5/16/2019 MT Newswires
Red Lion Hotels (RLH) on Thursday said it had received a May 14 letter from Vindico Capital which expressed its intention to vote against the re-election of directors Robert Wolfe, Michael Vernon, James Evans and Bonny Simi, as well as against two proposals regarding executive compensation.

The directors, Vindico said, had "overseen as chairmen of their committees a persistent share price underperformance over the past 3+ years," up to the present 12% year-to-date decline, compared with hotel peers' 15% median increase.

Vindico, the advisor to entities with an approximately 2% aggregate stake in Red Lion, urged the board to immediately monetize remaining properties, scrutinize rising expenses, install a stock repurchase program and halt any acquisitions "above a certain size."

Red Lion's board, in its response, said it was "confident in the [c]ompany's strategic plan to grow its core franchise business by capitalizing on attractive growth opportunities."

Price: 8.00, Change: +0.06, Percent Change: +0.76