API Group's second largest stockholder, Wynnefield Capital, encourages company to find a buyer, says it agrees with value assessment in Steel Partners' letter

Lorena Madrigal

NEW YORK , February 10, 2012 (press release) – Wynnefield Capital, Inc. announced today that it sent a letter to the Board of Directors of API Group Plc, in support of the Steel Partners Holdings February 8, 2012 letter regarding the exploration of a sale of the Company in order to fully realize the value of API Group. Wynnefield Capital is the second largest stockholder of API Group.

The full text of the letter follows:

February 10, 2012
Mr. Andrew Turner
API Group Plc
Second Avenue
Poynton Industrial Estate
Cheshire, SK12 1ND
United Kingdom

FOR DISTRIBUTION TO THE BOARD OF DIRECTORS

Dear Andrew,

Wynnefield Capital, Inc. noted with interest the letter you received from Steel Partners, dated February 8, 2012, and your response. We agree with Steel's assessment that "the market price of API does not reflect intrinsic value and this value will only be realized through a sale of the Company."

Given the extraordinary progress that you and your management team have made in stabilizing and growing API's businesses, we believe this is an appropriate time to determine if there exists a buyer for the Company willing to purchase it for a price that represents the Company's true value.

If you would like to discuss this further, I can be reached at 212-760-0134.

Sincerely,
Nelson Obus
Wynnefield Capital, Inc.


ABOUT WYNNEFIELD CAPITAL

Wynnefield Capital, Inc., with its affiliates, is the second largest stockholder of API Group, Plc. Established in 1992, Wynnefield Capital is a value investor specializing in U.S. small cap situations that have company- or industry-specific catalysts.

© 2024 Business Wire, Inc., All rights reserved.