Trillium Capital Proposes Getty Images Hire Investment Banking Firm
To Seek Out Strategic Alternatives from either Strategic or Private Equity Players
BOSTON, April 13, 2023 /PRNewswire/ -- Today, Trillium Capital LLC announced Its proposal for the Board of Directors of Getty Images Holding, Inc. (NASDAQ: GETY) ("Getty" or the "Company") to hire a national investment banking firm to seek out strategic alternatives.
The principles of Trillium Capital LLC own hundreds of thousand shares of common stock and common stock equivalents of Getty. We believe that the Board of Directors of Getty (the "Board") has a fiduciary responsibility to maximize shareholder value for all stockholders. Our firm and its principles have submitted a proposal that the Board of Directors that they should engage a nationally recognized investment bank to evaluate the Company's strategic alternatives. The findings should be released to the public by press release within sixty (60) days from the Annual General Meeting.
Scott Murray, Managing Partner of Trillium Capital said, "We are pleased that the Company has recognized its fiduciary duty to maximize shareholder value." Murray went on to say, "We have extensive relationships with global investment banking and private equity firms. We would be happy to make introductions for the Company to expedite this process".
Trillium Capital believes that a strategic player would pay at least 12 times trailing EBITDA (earnings before interest, taxes, depreciation and amortization and other non-cash or one-time charges). This would unlock over $1 billion of shareholder value. We would expect that this would result in a stock price more than $12 per share.
We do not understand why the Board of Directors has been so reluctant in the past to unlock this value for shareholders. This is a very positive step forward in the process to perform their fiduciary duty to all shareholders and maximize shareholder value for all.
http://www.trilliumcapitalllc.com
SPECIAL NOTE REGARDING THIS LETTER:
THIS LETTER CONTAINS OUR CURRENT VIEWS ON THE VALUE OF SECURITIES CONDUENT INCORPORATED AND CERTAIN ACTIONS THAT THE BOARD OF DIRECTORS OF GETTY MIGHT TAKE TO ENHANCE THE VALUE OF ITS SECURITIES. OUR VIEWS ARE BASED ON OUR OWN ANALYSES OF PUBLICLY AVAILABLE INFORMATION AND ASSUMPTIONS WE BELIEVE TO BE REASONABLE. THERE CAN BE NO ASSURANCE THAT THE INFORMATION WE CONSIDERED AND ANALYZED IS ACCURATE OR COMPLETE. SIMILARLY, THERE CAN BE NO ASSURANCE THAT OUR ASSUMPTIONS ARE CORRECT. THE ACTUAL PERFORMANCE AND RESULTS OF GETTY MAY DIFFER MATERIALLY FROM OUR ASSUMPTIONS AND ANALYSES.
THIS LETTER ALSO REFERENCES THE SIZE OF OUR RESPECTIVE CURRENT HOLDINGS OF GETTY. OUR VIEWS AND OUR HOLDINGS COULD CHANGE AT ANY TIME. WE MAY SELL ANY OR ALL OF OUR HOLDINGS OR INCREASE OUR HOLDINGS BY PURCHASING ADDITIONAL SECURITIES. WE MAY TAKE ANY OF THESE OR OTHER ACTIONS REGARDING GETTY WITHOUT UPDATING THIS LETTER OR PROVIDING ANY NOTICE WHATSOEVER OF ANY SUCH CHANGES (EXCEPT AS OTHERWISE REQUIRED BY LAW).
FORWARD-LOOKING STATEMENTS:
Certain statements contained in this letter are forward-looking statements including, but not limited to, statements that are predications of or indicate future events, trends, plans or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties. Due to such risks and uncertainties, actual events or results or actual performance may differ materially from those reflected or contemplated in such forward-looking statements. Forward-looking statements can be identified by the use of the future tense or other forward-looking words such as "believe," "might, "expect," "anticipate," "intend," "plan," "estimate," "should," "could," "may," "will," "objective," "projection," "forecast," "continue," "strategy," "position" or the negative of those terms or other variations of them or by comparable terminology.
Important factors that could cause actual results to differ materially from the expectations set forth in this letter include, among other things, the factors identified in the public filings Getty. Such forward-looking statements should therefore be construed considering such factors, and we are under no obligation, and expressly disclaim any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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SOURCE Trillium Capital LLC
