VN Capital Management
26.9.2023 14:56:30 CEST | ACCESS Newswire | Press release
Thornico Holding Tender Offer Substantially Undervalues Company
GREENSBORO, NC / ACCESSWIRE / September 26, 2023 / VN Capital Management LLC, an investment advisor to a fund holding approximately 1.6% of Brødrene Hartmann common shares accumulated since 2021, opposes the recently announced delisting and subsequent tender offer.
VN Capital encourages other minority investors to vote against Brødrene Hartmann's proposed delisting at the company's extraordinary shareholder meeting to be held on Monday, October 16 and to let the Board of Directors know that Thornico Holding's DKK 300 per share offer is unacceptable and drastically undervalues the world's leading egg packaging business.
"Delisting Brødrene Hartmann's shares harms minority investors by depriving them of liquidity and is merely a mechanism designed to eventually force shareholders to sell out to the Stadil family at a cut-rate price, which is especially egregious since many of us would like to remain owners of such a thriving and world-class business.
This related party transaction creates a massive conflict of interest with the Board of Directors. Any attempt to peddle the company out from underneath its minority shareholders for pennies-on-the-dollar will be strongly opposed by us," said James Vanasek, Principal at VN Capital.
"A DKK 300 per share purchase price values the company at a multiple of only 4.9x Enterprise Value to trailing last twelve months EBITDA, the latter of which is temporarily depressed due to unprecedented cost pressures in the company's two main inputs - energy and pulp - that are now abating. Shareholders have shown patience while the company has managed through the Covid-19 pandemic, the disruption due to war in Ukraine, and energy crises afflicting Europe and expect their patience to be rewarded as Hartmann emerges from these challenges. Superlative, best-in-class businesses like Brødrene Hartmann usually trade at 8-10x EV/EBITDA and applying such a multiple to a more normalized earnings level shows that the business is worth twice as much as what the Stadil family if offering to pay for it," added Don Noone, also Principal at VN Capital.
"We have no doubt that if the tables were turned and a competing egg packaging producer offered the Stadils this low-ball price for their shares, the family would not even consider such a bargain basement offer. If the Board of Directors wishes to maximize shareholder value, they should conduct a thorough and robust sales process rather than hand the company over to the Stadils in a sweetheart deal that abandons their fiduciary obligations," said Mr. Noone.
Given this view, VN Capital is exploring all of its legal options in opposition to the proposed delisting and subsequent tender offer and VN Capital encourages other minority shareholders to reject the proposal at the extraordinary shareholder meeting.
It is important to note that a NON-VOTE is effectively a vote in favor of the delisting and tender offer. We urge shareholders who agree with VN Capital's view to not remain passive, but to actively vote NO on the proposals.
About VN Capital Management
VN Capital Management, LLC is a registered investment advisory firm located in New York, New York that was founded in 2002 by P. Donnell Noone and James T. Vanasek. The firm manages a hedge fund that holds a concentrated portfolio of small-cap equities.
About Brødrene Hartmann A/S.
Hartmann is the world's leading manufacturer of moulded-fibre egg packaging and a market-leading manufacturer of fruit packaging in South America and India. The group is also the world's largest manufacturer of technology for the production of moulded-fibre packaging. Founded in 1917, Hartmann is headquartered in Gentofte, Denmark, with a production platform consisting of 15 factories in Europe and Israel, North and South America, India and Russia (discontinuing).
FOR FURTHER INFORMATION PLEASE CONTACT:
VN Capital Management, LLC
Don Noone
+1 (336) 897-1615
pdn@vncapital.net
James Vanasek
+61 407 528 900
jtv@vncapital.net
SOURCE: VN Capital Management
View source version on accesswire.com:
https://www.accesswire.com/787240/brdrene-hartmann-as-investor-urges-shareholders-to-oppose-proposed-delisting-and-subsequent-tender-offer
To view this piece of content from www.accesswire.com, please give your consent at the top of this page.
About ACCESS Newswire
Subscribe to releases from ACCESS Newswire
Subscribe to all the latest releases from ACCESS Newswire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from ACCESS Newswire
Fidelity Investments Upgrades FINOS Membership to Platinum, Reinforcing Its Strategic Commitment to Open Source Collaboration in Financial Services11.2.2026 15:00:00 CET | Press release
Following its leadership in launching Fluxnova, Fidelity's appointment to the FINOS Governing Board underscores the growing recognition of the ROI of open source for all market participants NEW YORK CITY, NY / ACCESS Newswire / February 11, 2026 / The Fintech Open Source Foundation (FINOS), the foundation of open innovation in financial services, today announced that Fidelity Investments has upgraded its FINOS membership to Platinum, reflecting Fidelity's deepening strategic commitment to open source collaboration, industry interoperability, and the responsible adoption of emerging technologies such as AI across regulated financial services. The membership upgrade builds directly on Fidelity's role in the formation of Fluxnova, a FINOS-hosted open source orchestration platform created to address critical industry needs around workflow automation, vendor independence, and long-term infrastructure sustainability. Fidelity spearheaded the project's contribution into FINOS, helping establi
U.S. Marine Corps Selects GA-ASI for MUX TACAIR Collaborative Combat Aircraft Program10.2.2026 21:00:00 CET | Press release
GA-ASI's YFQ-42A Platform to Support Next-Generation Expeditionary Air Operations SAN DIEGO, CALIFORNIA / ACCESS Newswire / February 10, 2026 / General Atomics Aeronautical Systems, Inc. (GA-ASI) was competitively selected by the U.S. Marine Corps (USMC) for evaluation in the Marine Air-Ground Task Force Uncrewed Expeditionary Tactical Aircraft (MUX TACAIR) Collaborative Combat Aircraft (CCA) program. The agreement integrates GA-ASI's expertise in autonomy and uncrewed aircraft systems with a government-provided mission package, usingthe YFQ-42A platform as a surrogate to evaluate integration with crewed fighters. The contract initiates integration of a Marine Corps mission kit into the YFQ-42A surrogate platform for assessment within the Marine Air Ground Task Force (MAGTF). The USMC contract includes the rapid development of autonomy for the government-supplied mission kit - a cost-effective, sensor-rich, software-defined suite capable of delivering kinetic and non-kinetic effects -
Changing Your Dog's Diet May Help the Planet More Than Changing Your Own, Study Finds10.2.2026 17:30:00 CET | Press release
LONDON, UK / ACCESS Newswire / February 10, 2026 / Diets high in meat, eggs, and dairy products incur significant environmental costs. But a new study has revealed that, in many cases, switching your dog to a more sustainable diet may have a bigger impact on the planet and farmed animals than changing your own diet. The research, published in the journal Animals by veterinary Professor Andrew Knight, found that the average dog consumes around 13 farmed land animals annually within its diet, compared with nine for the average person--a difference of roughly 40%. This gap exists largely because a greater proportion of a typical dog's dietary energy comes from animal-based ingredients--about 34%--compared to around 19% for people. These figures represent global averages and vary by country. In high-income nations such as the United States, consumption is higher across the board. There, an average person consumes 24 farmed land animals annually, compared with 20 for a dog--a smaller differ
Reco Raises $30M B Round for a Total of $85M to Meet Rapidly Growing Demand for AI SaaS Security Among Enterprises10.2.2026 16:30:00 CET | Press release
After growing ARR by 400% in 2025, Reco secures new backing months after its last funding to secure AI SaaS usage NEW YORK CITY, NEW YORK / ACCESS Newswire / February 10, 2026 / Reco, a leader in securing AI SaaS environments, today announced a $30 million Series B funding round led by Zeev Ventures, with participation from all existing investors including Insight Partners, boldstart ventures, while adding new corporate investors Workday Ventures, TIAA Ventures, S Ventures, and Quadrille Capital. The new funding comes less than 10 months after Reco's previous raise to meet the exponential demand to discover and secure AI SaaS at any modern enterprise. The round follows another year of exceptional growth for Reco. After growing 500% year-over-year in 2024, the company scaled an additional 400% in 2025 on a significantly larger base, driven by a sharp increase in enterprise AI adoption and the rapid rise of shadow AI, where 71% of knowledge workers now use AI tools without IT approval an
Logista Strator and Shekel Sign an Agreement to Bring Innovendi Elite to Spain - The Autonomous Sales Solution That Boosts Sales10.2.2026 14:05:00 CET | Press release
The goal is to put a technology in the hands of tobacconists and the Spanish retail sector to open new revenue channels. MADRID, ES / ACCESS Newswire / February 10, 2026 / Logista Strator, the technology platform specialized in retail management and part of Logista, has reached a strategic agreement with Shekel, developer of WeightAI™ technology and manufacturer of Innovendi Elite, for its distribution in Spain and Portugal. The companies will present the Innovendi Elite at the Hospitality Innovation Planet (HIP) trade fair in Madrid from February 16-18, 2026. Innovendi Elite is a next-generation smart fridge that redefines the future of vending experience: an advanced autonomous retail solution that combines patented weighing technology with artificial intelligence to deliver a completely frictionless shopping experience. Customers pay by card or app, open the cooler, select their products, and continue on their way without waiting. Its ability to operate in continuous mode and adapt
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom