Penn Leisure’s administration has disputed most of the “false claims” that activist investor HG Vora made final week in a shareholder presentation. [Image: Shutterstock.com]
Penn Leisure administration has hit again at “false claims” made by activist investor HG Vora Capital Administration. Shareholders obtained a letter on Tuesday claiming that HG Vora’s 116-page presentation distributed final week mischaracterized the corporate’s technique and governance.
stated that HG Vora was keen to ignore compliance guidelines within the gaming trade
Penn wished to “set the document straight” and stated that HG Vora was keen to ignore compliance guidelines within the gaming trade to attempt to take over management of the agency. The letter emphasised how the gaming licenses it holds are probably the most precious property and that this repute was constructed over three a long time.
One other huge grievance of the activist investor was government compensation, use of a company jet, and insider inventory promoting. Penn identified that CEO Jay Snowden’s take-home pay is “within the backside quartile” relative to a proxy peer group and highlighted that he has bought no shares since 2021.
Lastly, Penn accused HG Vora of excluding key components of its strategic plan and stated it pushed to carry up digital operations regardless of this section getting near profitability.
Penn Leisure’s share worth has languished over the previous few years, dropping from over $120 in January 2021 to across the $15 mark at present. The corporate’s annual basic assembly takes place on June 17 and two HG Vora nominees are set to be appointed to the board.
