Chelsea Therapeutics (CHTP) Moves to Highs as Larger Shareholder Wants Options Explored
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Chelsea Therapeutics International Ltd. (NASDAQ: CHTP) is moving to the highs of the session after 12 percent shareholder Josiah Austin filed an amended 13D and fired off a letter saying the company should begin exploring alternative approaches to maximize shareholder value.
A copy of the letter:
I am writing to alert you formally of my concern and dissatisfaction with the performance and direction of the Company.
Over the past year, I have informally shared my concerns with a number of you with no apparent change in direction or focus. As a result, and in light of the continuing deterioration in the Company's performance, I am convinced that the Board and management should begin exploring alternative approaches to maximize shareholder value. I would welcome the opportunity to sit down with management and the Board to discuss steps that can and should be taken now to enhance shareholder value, including an infusion of fresh perspective on the Board to invigorate the Company and its consideration of alternatives.
I look forward to hearing from you.
Shares of CHTP are up 39 percent to $1.26 into the close.
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A copy of the letter:
I am writing to alert you formally of my concern and dissatisfaction with the performance and direction of the Company.
Over the past year, I have informally shared my concerns with a number of you with no apparent change in direction or focus. As a result, and in light of the continuing deterioration in the Company's performance, I am convinced that the Board and management should begin exploring alternative approaches to maximize shareholder value. I would welcome the opportunity to sit down with management and the Board to discuss steps that can and should be taken now to enhance shareholder value, including an infusion of fresh perspective on the Board to invigorate the Company and its consideration of alternatives.
I look forward to hearing from you.
Shares of CHTP are up 39 percent to $1.26 into the close.
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Reverse Stock Split
Tom on Jul 6, 2012 02:55 PMMark as Spam | Reply to this comment
How else can you increase value without raising more cash and issuing more shares or Reverse Splitting the Stock!!!