Marlton calls on 180 Degree Capital to let investors vote on sale to Mount Logan

Marlton Partners, beneficial owners of approximately 5.2% of the outstanding stock of 180 Degree Capital (TURN) Corp., issued an open letter calling on the TURN Board of Directors to immediately set a record date and allow shareholders to vote on the company’s proposed sale to Mount Logan Capital Inc. The letter says, in part: “As long-term TURN shareholders, we remain committed to realizing the Company’s full value. Unfortunately, that value continues to be undermined by persistent mismanagement and abysmal governance under Chairman and CEO Kevin Rendino and the current Board. Most recently, the Board has failed to schedule a shareholder vote on the proposed sale to Mount Logan more than five and a half months after the definitive Mt. Logan deal was announced. The Board has spent over five months – and counting – without a shareholder vote on the Mount Logan deal orchestrated by Mr. Rendino and this Board. Meanwhile, they stonewalled and rejected a superior offer for 101% of NAV within just 5 days and otherwise have refused to run a legitimate sales process. In the interim, NAV continues to decline -4.7% through Q1 2025, and the longer this process drags on, the deeper those losses will grow… As shareholders standing alongside you, we recognize that your right to vote on this transaction sooner rather than later is a critical part of you realizing the value of your investment in TURN. We all deserve better and are calling on the Company’s board and management to take their fiduciary duty seriously and set a record date now.”