Seems this large investor in YRC, a large hedge fund, wants to challenge the existing board members that were held by two directors representing the Teamsters.
YRC becomes latest KC company targeted by activist shareholder
https://www.bizjournals.com/kansasci...hoo&yptr=yahoo
YRC becomes latest KC company targeted by activist shareholder
An activist shareholder is pressing for changes in YRC Worldwide Inc.’s board and management, citing the Overland Park-based trucking company’s financial results the past two years.
Barna Capital Group Ltd. owns 2 million shares of YRC stock, a 5.4% stake, according to a filing Thursday with the Securities and Exchange Commission. Barna lists a business address in Cyprus and is led by Egor Romanyuk.
In Thursday’s filing, Barna said it will work to replace three members of YRC’s seven-person board "who have not provided the needed guidance for the company to achieve decent operating results." Although Barna doesn't name the directors it's targeting, it notes that they joined the board in 2011 and 2015. The filing adds that during that time the board has sought even more pay even as the stock has lost 90% of its value.
Barna Capital Group Ltd. owns 2 million shares of YRC stock, a 5.4% stake, according to a filing Thursday with the Securities and Exchange Commission. Barna lists a business address in Cyprus and is led by Egor Romanyuk.
In Thursday’s filing, Barna said it will work to replace three members of YRC’s seven-person board "who have not provided the needed guidance for the company to achieve decent operating results." Although Barna doesn't name the directors it's targeting, it notes that they joined the board in 2011 and 2015. The filing adds that during that time the board has sought even more pay even as the stock has lost 90% of its value.
Barna’s demands first became public in mid-March, when its holdings in YRC passed the 5% threshold, triggering a filing with the SEC. Despite its stated intention of replacing board members, the company’s filings make clear that it will not nominate new members for two board seats held by directors representing the Teamsters.
The Teamsters gained control of the two seats as part of a 2010 restructuring agreement in which union employees agreed to concessions YRC said it needed to avoid bankruptcy.
The Teamsters gained control of the two seats as part of a 2010 restructuring agreement in which union employees agreed to concessions YRC said it needed to avoid bankruptcy.
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