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180 Degree Capital Corp. Congratulates Matt McLaughlin on His Election to the Board of Directors of comScore, Inc., and Reiterates Proposals to Improve Alignment and Resolve Overhangs that Continue to Hinder Value Creation for All Stakeholders
180 Degree Capital 180 Degree Capital (US:TURN) Newsfilterยท2024-06-18 13:00

Core Viewpoint - 180 Degree Capital Corp. emphasizes the need for SCOR's Board to take decisive actions to enhance stakeholder value, particularly in light of the significant decline in SCOR's share price, which has dropped by 90% under the current Board's oversight [9]. Group 1: Board Governance and Actions - The Board of SCOR is encouraged to conclude ongoing issues and publicly announce decisions to demonstrate seriousness in governance [3]. - The recent addition of Matt McLaughlin to SCOR's Board is seen as a potential catalyst for improved governance and decision-making [8]. - There is disappointment regarding the Board's inability to resolve critical issues affecting SCOR's stock value, despite the addition of new members [9]. Group 2: Recommendations for Improvement - Recommendations include significantly lowering director compensation, which totaled nearly $900,000 in cash and $2.3 million in total for 2023, to align with similar-sized public companies [10]. - The Board should be reduced in size to include only those who provide critical value, with a maximum of one director per preferred holder [10]. - Preferred stockholders are urged to accept dividends in common stock at a premium to retain cash for business investments, which could positively impact common stock prices [10]. Group 3: Transparency and Accountability - SCOR's Board is called to provide transparency regarding the processes for potential special dividends, especially as the amount may decrease to less than $50 million [10]. - If the Board remains dysfunctional, hiring external parties for governance improvement is suggested, including management consulting firms or investment banks [10]. - The current Board leadership is under scrutiny, with calls for a new chairperson to facilitate decision-making and address the ongoing decline in stock value [11]. Group 4: Commitment to Value - 180 Degree Capital asserts that SCOR's business and proprietary data assets are valuable and worth fighting for, despite current market perceptions [12]. - There is hope for near-term changes driven by contributions from all Board members, with a commitment to hold them accountable for progress [12].