Aerojet Rocketdyne Executive Chairman Warren Lichtenstein and CEO Candidate Mark Tucker Issue Shareholder Presentation
June 09 2022 - 8:30AM
Business Wire
Deck Outlines Strategy for Fixing
Deterioration and Realizing $65 Per Share or More Within Three
Years, While Also Specifying Capital Allocation Priorities and
Governance Commitments
Messrs. Lichtenstein and Tucker to Host an
Investor Call/Webcast on Friday, June 10th at 8:30 AM
Eastern
Aerojet Rocketdyne Holdings, Inc. (NYSE: AJRD) (“Aerojet
Rocketdyne” or the “Company”) Executive Chairman Warren
Lichtenstein, who collectively with his affiliates and the
participants in his solicitation owns approximately 5.6% of the
Company's outstanding shares, today released a presentation that
details the case for new leadership following approximately 18
months of financial and operational deterioration. The
presentation, available at www.SaveAerojet.com/resources includes
Chief Executive Officer candidate Mark Tucker’s vision and
strategy. As a reminder, Mr. Lichtenstein is asking shareholders to
vote on the GREEN proxy card to
elect his refreshed eight-member slate, which includes himself, Mr.
Tucker and six other candidates: Hon. Tina Jonas, Joanne Maguire,
Aimee Nelson, Martin Turchin, Vice Admiral Mathias Winter and Heidi
Wood.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20220609005423/en/
Please note Messrs. Lichtenstein and Tucker will host a
conference call/webcast on Friday, June 10th at 8:30 AM Eastern to
discuss the path to enhanced value. The call, which will include a
Q&A section, can be accessed here. A recording and all
supplemental information will be made available at
www.SaveAerojet.com/resources.
CLICK HERE TO SIGN UP
FOR THE FRIDAY MORNING CALL/WEBCAST
Forward-Looking Statements
This press release contains certain "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, that reflect Steel Partners Holdings L.P.’s (“SPLP”)
current expectations and projections about its future results,
performance, prospects and opportunities. SPLP identifies these
forward-looking statements by using words such as "may," "should,"
"expect," "hope," "anticipate," "believe," "intend," "plan,"
"estimate," "will" and similar expressions. These forward-looking
statements are based on information currently available to SPLP and
are subject to risks, uncertainties and other factors that could
cause its actual results, performance, prospects or opportunities
to differ materially from those expressed in, or implied by, these
forward-looking statements. These factors include, without
limitation, the adverse effects of the COVID-19 pandemic to SPLP’s
business, results of operations, financial condition and cash
flows; material weaknesses in SPLP’s internal control over
financial reporting; fluctuations in crude oil and other commodity
prices; substantial cash funding requirements that may be required
in the future as a result of certain of SPLP’s subsidiaries’
sponsorship of defined benefit pension plans; significant costs,
including remediation costs, as a result of complying with
environmental laws or failing to comply with other extensive
regulations, including banking regulations; the impact of climate
change legislation or regulations restricting emissions of
greenhouse gases on costs and demand for SPLP’s services; impacts
to SPLP’s liquidity or financial condition as a result of
legislative and regulatory actions; SPLP’s ability to maintain
sufficient cash flows from operations or through financings to meet
its obligations under its senior credit facility; risks associated
with SPLP’s business strategy of acquisitions; losses sustained in
SPLP’s investment portfolio; the impact of interest rates on SPLP’s
investments, such as increased interest rates or the use of a SOFR
based interest rate in SPLP’s credit facilities; reliance on the
intellectual property owned by others and SPLP’s ability to protect
its own intellectual property and licenses; risks associated with
conducting operations outside of the United States, including
changes in trade policies and the costs or limitations of acquiring
materials and products used in SPLP’s operations; risks of
litigation; impacts to SPLP’s WebBank business as a result of the
highly regulated environment in which it operates, as well as the
risk of litigation regarding the processing of PPP loans and the
risk that the SBA may not fund some or all PPP loan guaranties;
potentially disruptive impacts from economic downturns in various
sectors; loss of customers by SPLP’s subsidiaries as a result of
not maintaining long-term contracts with customers; risks related
to SPLP’s key members of management and the senior leadership team;
SPLP’s agreement to indemnify its manager pursuant to its
management agreement, which may incentivize the manager to take
unnecessary risks; risks related to SPLP’s common and preferred
units, including potential price reductions for current unitholders
if additional common or preferred units are issued, as well as the
lack of an active market for SPLP’s units as a result of transfer
restrictions contained in SPLP’s partnership agreement; the ability
of SPLP’s subsidiaries to fully use their tax benefits; impacts as
a result of changes in tax rates, laws or regulations, including
U.S. government tax reform; labor disruptions as a result of
vaccine mandated by the United States federal government. These
statements involve significant risks and uncertainties, and no
assurance can be given that the actual results will be consistent
with these forward-looking statements. Investors should read
carefully the factors described in the "Risk Factors" section of
SPLP's filings with the SEC, including SPLP's Form 10-K for the
year ended December 31, 2021, for information regarding risk
factors that could affect SPLP's results. Any forward-looking
statement made in this press release speaks only as of the date
hereof. Except as otherwise required by law, SPLP undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events,
changed circumstances, or any other reason.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220609005423/en/
Longacre Square Partners Joe Germani / Greg Marose
jgermani@longacresquare.com / gmarose@longacresquare.com
Okapi Partners Mark Harnett, 646-556-9350
mharnett@okapipartners.com
Aerojet Rocketdyne (NYSE:AJRD)
Historical Stock Chart
From Apr 2024 to May 2024
Aerojet Rocketdyne (NYSE:AJRD)
Historical Stock Chart
From May 2023 to May 2024