The Urgent Need for Change and The Superior Path Forward
PRIVET IS A LONG-TERM SYNALLOY STOCKHOLDER
AND PLANS TO REMAIN ONE FOR YEARS TO COME
PRIVET
FUND
Privet has attempted to engage constructively with Synalloy over the course of its
multi-year investment
UPG
STRONGER TOGETHER
2015-2018
September 2015: Privet
takes stake in Synalloy
September 2016: Privet files
13D showing 7.5% stake
March 2017: Privet has
meeting with management
and files 13D/A showing
10.9% stake
November 2018: Privet has
meeting with management
and two Board members
2019
April 2019: Privet publicly
offers to acquire Synalloy at
$20/share in all cash
transaction
May 2019: Synalloy rejects
offer
May 2019: Synalloy cuts its
2019 Adjusted EBITDA
guidance by 27%
August 2019: Privet publicly
offers $18.50/share after
guidance reduction
August 2019: Synalloy rejects
offer
November 2019: Privet
requests two Board seats, but
Synalloy rejects offer and
issues unreasonable counter
01. 02. 03. 04. 05.
2020
Executive Summary
March 2020: Privet and UPG
form the Stockholder Group
March 2020; Privet and UPG
nominate five director
candidates
March 2020; Privet and UPG
reject Synalloy's offer to add
two directors unaffiliated
with our firms under a
punitive two-year standstill
April 2020: Synalloy
announces it will review
strategic alternatives and a
sale post-pandemic
May 2020: Synalloy
contradicts itself by telling
stockholders it has a proven
"strategic plan"
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