10th Jan 2020 12:07
(Correcting share price currency to US dollars from UK sterling.)
(Alliance News) - Ocean Outdoor Ltd on Friday said it has appointed Aryeh Bourkoff to its board as co-chair, effective immediately.
Bourkoff will serve as co-chair at the advertising company alongside Tom Goddard.
Bourkoff joined Ocean Outdoor in 2017 as a non-executive director. He is the CEO & founder of investment firm Liontree LLC. He was previously vice chair & head of Americas Investment Banking at UBS Group AG.
Ocean Outdoor said it believes its stock is undervalued despite achieving strong revenue and earnings. The appointment of Bourkoff is a step to rectify this issue.
Commenting on his appointment, Bourkoff said: "I firmly believe that the stock continues to be fundamentally undervalued. My key focus will be to propel both current and new investor support to bring the company's stock to a level that we believe represents a fair valuation. In partnership with the board and management we will explore all value creation opportunities available."
The company reported a 12% rise in revenue for the three months ended September 30 to GBP29.0 million from GBP25.8 million at the same period the year before.
Ocean Outdoor will release its annual trading update on February 18.
Ocean Outdoor shares were trading 1.4% higher at USD7.30 each on Friday in London.
In a separate statement, Independent Non-Executive Director Andrew Miller resigned with effect at the end of 2019 as a result of "possible conflict of interest" arising from Ocean's acquisition of AdCityMedia and Visual Art. Independent Non-Executive Director Sangeeta Desai will assume his responsibilities as audit committee chair until a replacement is found.
By Ife Taiwo; [email protected]
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