DALLAS, March 25, 2020
DALLAS, March 25, 2020 /PRNewswire/ -- On behalf of Palogic Value Fund, LP, a stockholder of approximately 800,000 shares, or 4.3% of the shares outstanding of SPOK Holdings, Inc., (NASDAQ: SPOK) ("SPOK" or "the "Company), Palogic Value Management, LP announced today that it sent the following letter to the Board of Directors of SPOK prior to the market close on March 24, 2020.
PALOGIC VALUE MANAGEMENT, LP
March 24, 2020
Board of Directors
SPOK Holdings, Inc
6850 Versar Center, Suite 420
Springfield, Virginia 22151-4148
To the Board of Directors:
We are extremely encouraged by the unsolicited offer presented to the Company from B. Riley Financial dated March 16, 2020.
In light of this proposal and our longstanding view that the Company will never realize its full strategic value in the public markets, we request the board immediately announce the formation of a special committee to oversee a thorough and transparent sale process. We believe that the largest shareholder representative on the board should chair the newly formed strategic committee. The only conclusion to this process that we will support is a transaction to sell the company at the highest price received.
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We believe the B. Riley Financial proposal should serve as a floor, and we expect significant strategic interest to emerge once a full and transparent sale process commences. As an equity shareholder for over six years, we are convinced that fair value for shareholders will only be realized through the sale of the Company to a strategic partner who provides the scale and scope needed to capitalize on the large investment the Company has made into its software unit. Unfortunately, we have lost faith in the Company's ability to maximize our investment on their own given declining corporate profitability and extremely limited visibility following years of significant software unit spend.
We look forward to a timely and successful conclusion to the sale process.
Palogic Value Management, LP
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About Palogic Value Management, LP
Since its formation in 2006, Palogic Value Management, LP has specialized in investing in small cap securities.
Ryan Vardeman, Principal
SOURCE Palogic Value Management, LP
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