Critical Investors Less Than Impressed with Aegean Management Response

Monday February 5, 2018

A group of investors in the Aegean Marine Petroleum Network bunker company who are critical of the way the company is being run has been disappointed with the response from management so far.

The activist group, which represents about 12% of the company's stock and calls itself the Committee for Aegean Accountability, has put forward four names to sit on the board of directors in an effort to inject what it calls fresh thinking into Aegean's corporate strategy.

"The  Committee  believes  fresh  Board  members  with  areas  of  expertise  well-suited  to  the  challenges and opportunities facing the Issuer are required to formulate and oversee the execution of this plan," the group said in a stock exchange filing.

The filing continued: "However, the Reporting Persons note that the response from the Board to date has ranged from indifference to entrenchment."

Following a request for comment from Aegean, the company told Ship & Bunker that it is "considering its response" to the proposed nominees.

Dissent emerged at the tail end of 2017, when Aegean investor Tyler Baron of Sentinel Rock Capital announced the formation of a group to raise concerns over loss of investor value and the company's weak share price.

As well as Baron the other board nominees put forward by the group are Raymond Bartoszek, Donald Moore and David Kirshner.