The Urgent Need for Change and The Superior Path Forward
THE INCUMBENT BOARD HAS NOT ARTICULATED
OR EXECUTED ON ITS ALLEGED "PLAN"
Stockholders should not be misled by the incumbent Board's claims - it is obvious
they have NO PLAN
Synalloy's "Plan" and "Strategy" is Full of
Contradictions
The incumbent Board and management team want to keep
spending stockholder capital while providing us no details on
what they stand for
Management has overseen years of repeated
underperformance, colossal guidance misses in four of the
previous five years and just reported a Q1 decline in Adjusted
EBITDA of 45% compared to last year
In all proxy communications, management has focused on taking
superficial barbs at our plan, while saying that they are
"already executing" our ideas as part of management's "proven
plan"
Only after our group's Board nomination this year did
management inexplicably decide to commit to a hypothetical,
conditional future process to sell Synalloy
But less than a year ago, management rejected a bona fide
offer at a price greater than 100% above the current
market price
PRIVET
FUND
01. 02. 03. 04. 05.
UPG
STRONGER TOGETHER
Our Plan To
Strengthen Synalloy
X
The Results Speak for Themselves
Management has had nine years to execute on its stated
strategy and has failed under every conceivable measure
X While the incumbents have turned a blind eye to declining
operational results and stockholder value destruction,
they have rewarded Mr. Bram with excessive compensation
The incumbent Board has absolutely no record of
accomplishment and cannot point to anything they have
done to create value
Synalloy management has indisputably failed stockholders as a steward of capital,
yet they are now asking us to "double down" on a losing hand
We believe the reason management has not provided even
the illusion of a concrete, tangible operating plan is
because they do not have the experience or skillsets to
conceive, organize and execute a strategy capable of pushing
the business out of the ditch they drove it into
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