Braemar Proxy Fight Escalates: Largest Shareholder to Nominate Full Slate, Vote Set for Nov. 13
BHR is trading near its 52-week low of $1.82 (1.9% above the low) on light trading volume (0.3× avg).
Summary
Braemar's largest outside shareholder, Al Shams Investments, announced it will nominate a full slate of five independent directors to oust chairman Monty Bennett and claw back his $480M termination payout. The proxy fight will culminate at a shareholder vote on Nov. 13, with a Sept. 14 nomination deadline set by the company. The stock has fallen 30% since the June announcement of the management deal termination, trading near its 52-week low. This follows months of escalating filings, including Braemar's personal attacks on activist Wafic Saïd and Ghassemieh's recent racketeering counterclaims. The outcome of the vote will determine control of the board and the fate of the half-billion-dollar payout.
At the time of this announcement, BHR was trading at $1.86 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $127.4M. The 52-week trading range was $1.82 to $3.19. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.