Memento Asks Sears Holdings To Consider Going Private And Other Alternatives
(RTTNews.com) - Memento S.A., the family office of an investor in Sears Holdings Corp. ( SHLD ), delivered a letter to Sears' board of directors to express concerns regarding historical patterns of alarming short-selling activity in the Company's shares and to ensure the Board is taking whatever actions may be required to curb any similar short-selling issues that may arise in the future. Memento recommend that the Board consider strategic alternatives such as going private to allow the Company to focus on enhancing long-term shareholder value instead of monitoring short-selling activity in the marketplace.
The Elarof Trust is a shareholder of Sears Holding with nearly 2 million shares of ownership in the Company. Memento is the investment manager of the Elarof Trust and acts as family office of the Swiss-based Spadone family, the beneficiary owner of the Elarof Trust.
Memento believes the Board must promptly investigate and address this activity to prevent further decline in shareholder value, including the formation of an independent Board committee to look after the equity ownership interests of all shareholders, seeking an SEC investigation in to the potential violations of Regulation SHO and a temporary suspension of short-selling in SHLD shares, and the evaluation of strategic alternatives such as going private.
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