Voce Capital Management LLC, one of the largest long-term stockholders of Air Methods Corporation, on Jan. 30 submitted a letter to the Air Methods board of directors calling for urgent change “to reverse Air Methods’ dismal underperformance and to unlock stockholder value.”
In the letter, Voce contends that the Air Methods board continues to destroy stockholder value, and that it has no credible plan to create stockholder value. Voce also claims that serious operational issues have emerged within the company, including “integration missteps in its rash acquisition of Tri-State Care Flight.”
Voce further contends that the board’s interests remain misaligned with stockholders’, noting that during 2016, only one director purchased any company stock in the open market: Voce nominee Joseph E. Whitters. According to the letter, “No other Air Methods director has purchased a single share of Air Methods since 2013, and that lone purchase (5,000 shares, which were then erased by a subsequent sale of 15,000 shares by the same director one year later) constitutes the only purchase by a director within a full decade.”
The full text of the letter is available here.
