Snow Park Urges Stockholders to Not Be Misled by Front Yard and Focus on its Lack of Any Plan for Realizing NAV
Believes Front Yard’s Board Only Has Strong Focus and Passion When
It Comes to Attacking Stockholders, Such as Snow Park, Who Simply Seek
Enhanced Oversight and a Strategy to Unlock NAV
Reminds Stockholders the Incumbent Board Has Delivered Nothing But
Value Destruction Over the Past Four Years and Does Not Feel the Current
Directors Have Provided Hope That The Next Four Years Will Be Better
Notes that Front Yard’s May 10th
Press Release Again Attempts to Obfuscate its Own Failings and Despite
Dismal Returns, the Company is Still Yet to Produce a Credible Business
Plan to Realize NAV
Reminds Stockholders That in Contrast to Front Yard, the Snow Park
Slate Has a Vision to Unlock the Tremendous Real Estate Value Trapped
Within the Company’s Shares
Stockholders Have a Clear Choice: Follow the Path
That Has Led to Industry-Worst Total Returns OR Vote the BLUE
Proxy Card to Elect the Full Snow Park Slate, Which Offers True
Independence and Will Push the Company to Finally Realize Management’s
Stated NAV of $17.50 Per Share
NEW YORK–(BUSINESS WIRE)–Snow Park Capital Partners, LP (together with its affiliates, “Snow
Park” or “we”) today responded to the latest attempt by Front Yard
Residential Corporation (NYSE: RESI) (“Front Yard” or the “Company”) to
mislead stockholders about the value-destructive amendments made to the
Company’s external management agreement with Altisource Asset Management
Corporation (“AAMC”). For more information on Snow Park’s assessment of
the agreement and voting resources, please visit www.RenewRESI.com
today.
Snow Park, which together with the other participants in its
solicitation beneficially owns approximately 2.1% of Front Yard’s
outstanding shares, urges all stockholders to vote the BLUE
proxy card today. Our nominees – Leland Abrams, Lazar Nikolic and
Jeffrey Pierce – possess strong real estate pedigrees, robust mortgage
and financial services experience, and deep knowledge of effective
corporate governance practices in the Real Estate Investment Trust
(“REIT”) sector. Our nominees also understand the fundamentals and
operating realities of the single-family residential market due to their
respective experiences analyzing, investing in, and overseeing the
management of individual properties across various markets. These are
the types of qualifications that Front Yard’s current Board of Directors
(the “Board”) lacks, in our view, as evidenced by its approval of the
amended AAMC agreement. If elected, our nominees will be laser-focused
on bringing independent ownership perspectives to the boardroom and
driving a plan to finally realize Net Asset Value (“NAV”).
Jeffrey Pierce, Founder and Managing Partner of Snow Park, commented:
“We believe Front Yard’s defensive, rash response to our assessment of
the Company’s amended agreement with AAMC misrepresents key facts and
continues to reinforce our view that the incumbent Board lacks either
the ability or desire to implement a strategy for finally realizing
management’s stated NAV of $17.50 per share.1 We also feel it
is notable that Front Yard’s latest missive makes no attempt to refute
Snow Park’s view that serious unchecked conflicts exist in Front Yard’s
boardroom – ones that have undeniably contributed to losses in excess of
$500 million for stockholders since 2015. We also contend it is very
telling that Front Yard does not have an answer for a sobering fact that
Snow Park continues to highlight: management’s growth-at-all-costs
strategy, which is perpetuated by the amended agreement with AAMC, has
already led to significant structural issues that include one of the
most highly-leveraged balance sheets of any publicly-traded REIT,
persistently high fixed expenses and poor corporate governance policies
that keep stockholders muted. The amended agreement continues to
incentivize high leverage through asset growth while failing to take
total shareholder returns into account as a performance metric.
Further, despite all of Front Yard’s costly failures, the current
six-member Board – which includes George Ellison, Chairman and CEO of
AAMC, as well as his former colleagues from Bank of America – concluded
this week that AAMC deserves a five-year extension, more
growth-at-all-costs incentives and sweetened financial considerations in
the event the agreement is terminated. We believe this development
represents another setback for the Company’s long-suffering
stockholders. We also feel it is offensive to stockholders to highlight
a one-day share price move – likely driven by a combination of factors –
as “success” after four years of value destruction.
The truth is that Snow Park hoped its efforts to finally add qualified
stockholder representation to the boardroom would at least have prompted
the incumbent Board to produce a credible business plan to disrupt the
dismal status quo, but instead the directors have unfortunately chosen
to fight checks and balances and spend their time attacking independent
stockholders. To this day, the incumbent Board has still not
acknowledged the mistakes of the past four years that have led to a
roughly 50% decline in undepreciated book value per share as well as an
approximately 50% decline in stockholder wealth.
We urge stockholders to see through Front Yard’s
effort to distract from the failures of the past four years, which have
already left the Company in a perilous financial position and destroyed
both stockholder value and NAV. It should now be clearer than
ever that it is time to add independent ownership perspectives, real
REIT and single-family market experience, and a strategic vision to the
boardroom.”
Stockholders Deserve a Real Plan to Realize
NAV: The Snow Park Slate Has a Vision for Helping the Company Finally
Unlock the Tremendous Real Estate Value Trapped Within its Shares
As previously disclosed, our nominees have a plan – in contrast to the
incumbent Board – to evaluate viable paths to realizing management’s
stated NAV of $17.50 per share2 – which represents a sizable
premium relative to Front Yard’s presently underperforming shares. These
paths include:
1. Full Sale of the Company – Given that there has been a
tremendous amount of private capital flowing into real estate investment
vehicles in recent years, we believe now is the time for Front Yard to
consider exploring a sale to a company with the operating efficiencies
and scale to realize the full value of the portfolio. Despite this
week’s development, we still believe this option offers stockholders
significant benefits, including realizing a sizable premium on Front
Yard’s underperforming shares. Management has only offered growth –
despite Front Yard’s valuation gap and no identifiable capital sources –
as a strategy.
2. Asset Sales to De-Lever and Grow Distributions – The
significant amount of private capital that has flowed into real estate
investment vehicles provides a tailwind for Front Yard to explore an
orderly sale process for parcels within its portfolio. We believe this
option – although secondary to an outright sale – still offers
stockholders significant benefits over time, including decreasing Front
Yard’s valuation gap and returning capital to stockholders. To the
contrary, management and the incumbent Board continue to blindly speak
about growth despite the destructive results that its leveraged-fueled
acquisition spree has led to over the past four years.
3. Cost-Cutting Initiatives to Pursue Profitability at 16,000
Home Level – If necessary, Front Yard can drastically reduce costs
across the board to try to demonstrate to stockholders that 16,000 homes
can be operated profitably. Executing at this scale could possibly
enable the Company to issue more equity at reasonable levels and
increase scale. Simply put, the Company has leveraged nearly every asset
it has – it is not realistic to expect stockholders to fund growth if
management cannot maintain a reasonable fixed cost structure.
We urge Front Yard stockholders to vote FOR all three of Snow Park’s
highly-qualified, independent nominees on the BLUE
Proxy Card and to return it in your postage-paid envelope provided. If
you have already voted Front Yard’s proxy card, you can change your vote
by providing a later dated BLUE proxy.
Should you have any questions or need assistance with voting, please
contact Saratoga Proxy Consulting LLC at (888) 368-0379 or (212)
257-1311 or by email at [email protected].
PROTECT YOUR INVESTMENT. PLEASE SIGN, DATE, AND MAIL
THE BLUE PROXY CARD TODAY!
VISIT WWW.RENEWRESI.COM
TODAY.
About Snow Park
Snow Park Capital Partners, LP is a privately-held investment manager
that specializes in investing in publicly-traded real estate securities
across the capital structure. Based in New York City and founded by
Jeffrey Pierce, the firm focuses on producing strong risk-adjusted
returns for a diverse investor base of public institutions, private
entities and qualified individual clients.
1 A NAV of $17.50 was set forth in Front Yard Residential
Corp.’s February 2019 earnings call transcript.
2 A NAV of $17.50 was set forth in Front Yard Residential
Corp.’s February 2019 earnings call transcript.
Contacts
For Investors:
Saratoga Proxy Consulting LLC
John Ferguson /
Joe Mills, 212-257-1311
[email protected]
/ [email protected]
For
Media:
Profile
Greg Marose / Ashley Areopagita, 347-343-2999
[email protected]
/ [email protected]
Indivior
Indivior Provides Update on Aelis Farma’s Clinical Phase 2B Study Results with AEF0117 in Participants with Cannabis Use Disorder
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 (AS IT FORMS PART OF DOMESTIC LAW IN THE UK BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018).
- Primary and Secondary End Points of the Study were Not Met
- Indivior Does Not Currently Expect to Exercise AEF0117 Option
SLOUGH, United Kingdom and RICHMOND, Va., Sept. 4, 2024 /PRNewswire/ — Indivior PLC (Nasdaq/LSE: INDV) is today providing an update following Aelis Farma’s announcement of the results from its clinical Phase 2B trial with AEF01171, evaluating the efficacy and safety in treatment-seeking participants with moderate to severe Cannabis Use Disorder (CUD). The purpose of this trial was twofold: (1) to show that AEF0117 (0.1, 0.3, 1 mg once a day for 12 weeks) lowers cannabis use and (2) to determine the endpoints and optimal dosage of AEF0117 for use in future studies. In this phase 2B study, patients were treatment-seeking participants, 84% of whom had severe CUD.
The results of the study demonstrated that the primary endpoint, the proportion of participants who reduced their cannabis use to ≤1 day per week, as well as secondary endpoints measuring the proportion of participants reaching either complete abstinence or who used ≤2 day per week, were not met. Although these results are disappointing, they indicate that significant work remains to be done to understand subpopulations of patients with CUD, specifically those with severe CUD.
This clinical Phase 2B study is part of the strategic collaboration between Aelis Farma and Indivior, which includes an exclusive option for Indivior to license the global rights to AEF0117. Given the lack of separation from placebo on primary and secondary endpoints and before seeing further additional favorable clinical data, Indivior does not currently expect to exercise its option.
Important Cautionary Note Regarding Forward-Looking Statements
This news release contains certain statements that are forward-looking. Forward-looking statements include, among other things, express and implied statements regarding whether: we will be able to ultimately demonstrate the safety and efficacy of AEF0117, which is a prerequisite to filing any New Drug Application; we might ever exercise our option for AEF0117 and, if so, when; and other statements containing the words “believe,” “anticipate,” “plan,” “expect,” “intend,” “estimate,” “forecast,” “strategy,” “target,” “guidance,” “outlook,” “potential,” “project,” “priority,” “may,” “will,” “should,” “would,” “could,” “can,” “outlook,” “guidance,” the negatives thereof, and variations thereon and similar expressions. By their nature, forward-looking statements involve risks and uncertainties as they relate to events or circumstances that may or may not occur in the future.
Actual results may differ materially from those because they relate to future events. Various factors may cause differences between Indivior’s expectations and actual results, including, among others, the risks described in our most recent annual report on Form 20-F beginning on page 9 as filed with the U.S. SEC and in subsequent releases; legal and market restrictions that may limit how quickly we can repurchaser our shares; the substantial litigation and ongoing investigations to which we are or may become a party; our reliance on third parties to manufacture commercial supplies of most of our products, conduct our clinical trials and at times to collaborate on products in our pipeline; our ability to comply with legal and regulatory settlements, healthcare laws and regulations, requirements imposed by regulatory agencies and payment and reporting obligations under government pricing programs; risks related to the manufacture and distribution of our products, most of which contain controlled substances; market acceptance of our products as well as our ability to commercialize our products and compete with other market participants; competition; the uncertainties related to the development of new products, including through acquisitions, and the related regulatory approval process; our dependence on third-party payors for the reimbursement of our products and the increasing focus on pricing and competition in our industry; unintended side effects caused by the clinical study or commercial use of our products; our ability to successfully execute acquisitions, partnerships, joint ventures, dispositions or other strategic acquisitions; our ability to protect our intellectual property rights and the substantial cost of litigation or other proceedings related to intellectual property rights; the risks related to product liability claims or product recalls; the significant amount of laws and regulations that we are subject to, including due to the international nature of our business; macroeconomic trends and other global developments such as armed conflicts and pandemics; the terms of our debt instruments, changes in our credit ratings and our ability to service our indebtedness and other obligations as they come due; changes in applicable tax rate or tax rules, regulations or interpretations and our ability to realize our deferred tax assets; and volatility in our share price due to factors unrelated to our operating performance or that may result from the potential move of our primary listing to the U.S.
Forward-looking statements speak only as of the date that they are made and should be regarded solely as our current plans, estimates and beliefs. Except as required by law, we do not undertake and specifically decline any obligation to update, republish or revise forward-looking statements to reflect future events or circumstances or to reflect the occurrences of unanticipated events.
This release is being made by Kathryn Hudson, Company Secretary Indivior PLC.
About Indivior
Indivior is a global pharmaceutical company working to help change patients’ lives by developing medicines to treat substance use disorders (SUD), overdose and serious mental illnesses. Our vision is that all patients around the world will have access to evidence-based treatment for the chronic conditions and co-occurring disorders of SUD. Indivior is dedicated to transforming SUD from a global human crisis to a recognized and treated chronic disease.
Building on its global portfolio of OUD treatments, Indivior has a pipeline of product candidates designed to both expand on its heritage in this category and potentially address other chronic conditions and co-occurring disorders of SUD. Headquartered in the United States in Richmond, VA, Indivior employs over 1,000 individuals globally and its portfolio of products is available in over 30 countries worldwide. Visit www.indivior.com to learn more. Connect with Indivior on LinkedIn by visiting www.linkedin.com/company/indivior.
References:
- National Library of Medicine (U.S.) (2022, April). Effect of AEF0117 on treatment-seeking patients with cannabis use disorder (CUD) (SICA2). Identifier
NCT05322941 https://www.clinicaltrials.gov/study/NCT05322941
Logo – https://mma.prnewswire.com/media/1814851/Indivior_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/indivior-provides-update-on-aelis-farmas-clinical-phase-2b-study-results-with-aef0117-in-participants-with-cannabis-use-disorder-302237355.html
HERZLIYA, Israel and CALGARY, Alberta, Aug. 29, 2024 /PRNewswire/ — Innocan Pharma Corporation (CSE: INNO) (FSE: IP4) (OTCQB: INNPF) (“Innocan” or the “Company”), a pioneer in the pharmaceutical and biotechnology industries, is pleased to announce that it has completed its previously announced non-brokered private placement offering of 5,025,725 units of the Company (the “Units”) at a price of C$0.22 per Unit for gross proceeds of C$1,105,659.50 (the “Offering”).
Each Unit is comprised of: (i) one (1) common share in the capital of the Company (each a “Common Share”); and (ii) one (1) common share purchase warrant (each a “Warrant”). Each Warrant will entitle the holder thereof to purchase one Common Share at a price of C$0.32 for a period of four (4) years from the date of issuance.
Innocan intends to use the proceeds of the Offering for working capital and general corporate purposes.
The securities issued to Canadian subscribers in connection with the Offering are subject to a hold period of four months and one day from the date of issuance, in accordance with applicable Canadian securities laws.
Iris Bincovich, Chief Executive Officer of the Company, stated “we are very pleased with our successful offering. I would like to extend my sincere gratitude to our investors for their unwavering support. We see this as a strong vote of confidence by both existing and new investors which demonstrates investor support of our vision and strategic direction. These new funds will provide us with additional working capital to enable us to capitalize on new opportunities and allow us to advance strongly on our growth plans.”
The Company is also pleased to announce that it has granted an aggregate of 300,000 stock options (each an “Option“) to certain consultants of the Company pursuant to the Company’s stock option plan (the “Plan“). Each Option may be exercised for one (1) common share in the capital of the Company (each, a “Share“) at a price of $0.25 per Share. The Options expire on August 27, 2029.
All Options granted vest in accordance with the following vesting schedule: (i) 1/3rd of the Options vested immediately at grant; (ii) 1/3rd of the Options will vest on February 28, 2025; and (iii) 1/3rd will vest on August 27, 2025; all subject to the terms and conditions of the Plan.
About Innocan Pharma:
Innocan is a pharmaceutical tech company that operates under two main segments: Pharmaceuticals and Consumer Wellness. In the Pharmaceuticals segment, Innocan focuses on developing innovative drug delivery platform technologies comprises with cannabinoids science, to treat various conditions to improve patients’ quality of life. This segment involves two drug delivery technologies: (i) LPT CBD-loaded liposome platform facilitating exact dosing and the prolonged and controlled release of CBD into the blood stream. The LPT delivery platform research is in the preclinical trial phase for two indications: Epilepsy and Pain Management. In the Consumer Wellness segment, Innocan develops and markets a wide portfolio of innovative and high-performance self-care products to promote a healthier lifestyle. Under this segment Innocan has established a Joint Venture by the name of BI Sky Global Ltd. that focuses developing on advanced targeted online sales. https://innocanpharma.com/
Contact Information:
For Innocan Pharma Corporation:
Iris Bincovich, CEO
+1 5162104025
+972-54-3012842
+442037699377
[email protected]
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Logo – https://mma.prnewswire.com/media/2046271/4883982/Innocan_Pharma_Corporation_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/innocan-pharma-announces-closing-of-private-placement-and-grant-of-stock-options-302234455.html
Cannabis
Europe Medical Cannabis Market Forecast 2024-2032: Tilray, Aurora Cannabis, and GW Pharmaceuticals Dominate the Market Landscape
Dublin, Aug. 29, 2024 (GLOBE NEWSWIRE) — The “Europe Medical Cannabis Oil Market Size, Industry Dynamics, Opportunity Analysis and Forecast 2024-2032.” report has been added to ResearchAndMarkets.com’s offering.
The Europe Medical Cannabis Oil market is poised for significant growth, projected to escalate from US$ 0.91 billion in 2023 to US$ 2.40 billion by 2032, advancing at a CAGR of 12.08%. In this comprehensive research report, the market is analyzed by:
- Derivatives;
- Source;
- Application;
- Route of Administration;
- End-user;
- Distribution Channel; and
- Country.
Market Highlights Identified in the Report
- Progressive legalization across Europe is creating a favorable regulatory environment, enhancing market expansion for medical cannabis oil products.
- Germany leads the market with a robust infrastructure and supportive regulations, while other countries like the UK, Italy, and Spain show significant growth potential based on evolving regulatory landscapes and market dynamics.
- Key players such as Tilray, Aurora Cannabis Inc., and GW Pharmaceuticals dominate the market, emphasizing research, strategic partnerships, and innovation to maintain competitive edge amidst evolving industry dynamics.
The medical cannabis oil market has experienced substantial growth as legalization and acceptance of cannabis-based treatments expand globally. Cannabis oil, derived from the cannabis plant through extraction methods, contains cannabinoids such as THC and CBD, known for their therapeutic properties. Increasing recognition of cannabis oil’s potential in alleviating symptoms of various medical conditions, including chronic pain, epilepsy, and anxiety disorders, has driven its adoption in medical settings.
Governments in several countries are progressively legalizing medical cannabis, creating a conducive regulatory environment for market expansion. Additionally, growing consumer awareness about alternative and natural therapies has fueled the demand for cannabis oil products. The market is characterized by diverse product offerings, including full-spectrum and CBD-isolate oils, catering to different therapeutic needs and preferences.
Despite regulatory challenges and stigma associated with cannabis, the medical cannabis oil market continues to evolve, driven by ongoing research, favorable legislative changes, and shifting attitudes toward cannabis-based therapies in healthcare.
Regional Insights
Germany is likely to maintain its leadership position in the European medical cannabis oil market due to its established infrastructure, supportive regulations, and strong healthcare system. Germany legalized medical cannabis in 2017, giving the market a head start compared to many other European countries. This established infrastructure and experience position Germany as a leader in the field. As awareness and acceptance of medical cannabis increase, the number of patients seeking treatment in Germany is steadily rising. This fuels market growth and incentivizes further investment in research and development.
Germany’s regulatory framework for medical cannabis is considered relatively patient-friendly compared to some other European countries. This facilitates access for patients with qualifying conditions. The UK legalized medical cannabis in 2018 and is experiencing an increase in patient access programs. This, coupled with ongoing research, could lead to significant market growth. Italy legalized medical cannabis in 2006 but has faced challenges with availability. As regulations become more streamlined and patient access expands, the Italian market holds significant growth potential. Spain has a well-established medical cannabis industry with a focus on domestic production. As regulations evolve and export opportunities increase, the Spanish market could see a boost.
Competitive Landscape
The Medical Cannabis Oil market is characterized by a vigorous competitive landscape, with prominent entities like Tilray, Aurora Cannabis Inc., GW Pharmaceuticals, Almiral, Bedrocan, and others at the forefront, collectively accounting for approximately 41 % of the overall market share. This competitive milieu is fueled by their intensive efforts in research and development as well as strategic partnerships and collaborations, underscoring their commitment to solidifying market presence and diversifying their offerings.
The primary competitive factors include pricing, product caliber, and technological innovation. As the Medical Cannabis Oil industry continues to expand, the competitive fervor among these key players is anticipated to intensify. The impetus for ongoing innovation and alignment with evolving customer preferences and stringent regulations is high. The industry’s fluidity anticipates an uptick in novel innovations and strategic growth tactics from these leading corporations, which in turn propels the sector’s comprehensive growth and transformation.
Key Topics Covered
Chapter 1. Research Framework
Chapter 2. Research Methodology
Chapter 3. Executive Summary: Europe Medical Cannabis Oil Market
Chapter 4. Europe Medical Cannabis Oil Market Overview
Chapter 5. Europe Medical Cannabis Oil Market Analysis, by Derivatives
Chapter 6. Europe Medical Cannabis Oil Market Analysis, by Source
Chapter 7. Europe Medical Cannabis Oil Market Analysis, by Application
Chapter 8. Europe Medical Cannabis Oil Market Analysis, by Route of Administration
Chapter 9. Europe Medical Cannabis Oil Market Analysis, by End-user
Chapter 10. Europe Medical Cannabis Oil Market Analysis, by Distribution Channel
Chapter 11. Europe Medical Cannabis Oil Market Analysis, by Country
Chapter 12. The UK Medical Cannabis Oil Market Analysis
Chapter 13. Germany Medical Cannabis Oil Market Analysis
Chapter 14. The Netherlands Medical Cannabis Oil Market Analysis
Chapter 15. Italy Medical Cannabis Oil Market Analysis
Chapter 16. Spain Medical Cannabis Oil Market Analysis
Chapter 17. Poland Medical Cannabis Oil Market Analysis
Chapter 18. Rest of Europe Medical Cannabis Oil Market Analysis
Chapter 19. Company Profiles (Company Overview, Financial Matrix, Key Product Landscape, Key Personnel, Key Competitors, Contact Address, and Business Strategy Outlook)
A selection of companies mentioned in this report includes, but is not limited to:
- Aurora Cannabis Inc.
- Bedrocan
- Biocann
- BIOTA Biosciences LLC
- Cannamedical
- Mary Jane CBD
- Sanity Group GmbH
- Tilray
- Valcon Medical
For more information about this report visit https://www.researchandmarkets.com/r/dh7q46
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
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