Latest news with #AncoraHoldingsGroup
Business Wire
18-06-2025
- Business
- Business Wire
Ancora Issues Statement of Support for Pitney Bowes
CLEVELAND--(BUSINESS WIRE)--Ancora Holdings Group, LLC (together with its affiliates, 'Ancora' or 'we') today issued the below statement following its decision to redeem its investment in the long-term special purpose vehicle managed by Hestia Capital Management LLC and, in turn, start directly holding its shares of Pitney Bowes Inc. (NYSE: PBI) ('Pitney Bowes' or the 'Company') due to the size of the position. Fredrick D. DiSanto, Chairman and Chief Executive Officer of Ancora Holdings Group LLC, and James Chadwick, President of Ancora Alternatives LLC, commented: 'We originally invested in Kurt Wolf's special purpose vehicle because we believed Kurt could be a catalyst of significant value creation at Pitney Bowes. More than two years later, Kurt has clearly been the driving force behind the Company's cost reductions, cash repatriation initiatives, debt reduction and the necessary divestiture of the Global Ecommerce unit. The excellent results speak for themselves. We look forward to remaining long term investors in Pitney Bowes and believe shareholders are well served by Kurt Wolf as the Company's Chief Executive Officer.' About Ancora Founded in 2003, Ancora Holdings Group, LLC offers integrated investment advisory, wealth management, retirement plan services and insurance solutions to individuals and institutions across the United States. The firm is a long-term supporter of union labor and has a history of working with union groups and public pension plans to deliver long-term value. Ancora's comprehensive service offering is complemented by a dedicated team that has the breadth of expertise and operational structure of a global institution, with the responsiveness and flexibility of a boutique firm. Ancora Alternatives is the alternative asset management division of Ancora Holdings Group, investing across three primary strategies: activism, multi-strategy and commodities. For more information about Ancora Alternatives, please visit
Business Wire
12-06-2025
- Business
- Business Wire
Ancora Comments on Clear Mandate from Forward Air Shareholders That a Well-Run Sale Process is Urgently Needed
CLEVELAND--(BUSINESS WIRE)--Ancora Holdings Group, LLC (together with its affiliates, 'Ancora' or 'we'), a significant shareholder of Forward Air Corporation (NASDAQ: FWRD) ('Forward Air' or the 'Company'), today issued the following statement regarding the announced voting results of the Company's 2025 Annual Meeting of Shareholders. 'This vote is a clear mandate that shareholders expect Forward Air to expeditiously complete a credible strategic review that leads to a sale at a meaningful premium. Absent the more than 30% of shares that were legally committed to vote for the incumbent Board, Chairman George Mayes, Jr., Javier Polit, and Laurie Tucker lost in a landslide, highlighting the substantial level of concern regarding the legitimacy of the Board's strategic review. We believe the resignations of these legacy directors will empower the Board to carry out a thorough assessment of value-maximizing opportunities.' About Ancora Founded in 2003, Ancora Holdings Group, LLC offers integrated investment advisory, wealth management, retirement plan services and insurance solutions to individuals and institutions across the United States. The firm is a long-term supporter of union labor and has a history of working with union groups and public pension plans to deliver long-term value. Ancora's comprehensive service offering is complemented by a dedicated team that has the breadth of expertise and operational structure of a global institution, with the responsiveness and flexibility of a boutique firm. Ancora Alternatives is the alternative asset management division of Ancora Holdings Group, investing across three primary strategies: activism, multi-strategy and commodities. For more information about Ancora Alternatives, please visit
Business Wire
02-06-2025
- Business
- Business Wire
Glass Lewis Joins ISS in Recommending Forward Air Shareholders Vote AGAINST Three Unfit Legacy Directors at 2025 Annual Meeting
CLEVELAND--(BUSINESS WIRE)--Ancora Holdings Group, LLC (together with its affiliates, 'Ancora' or 'we'), a significant shareholder of Forward Air Corporation (NASDAQ: FWRD) ('Forward Air' or the 'Company'), today announced that a second independent proxy advisory firm, Glass, Lewis & Co. ('Glass Lewis'), has joined Institutional Shareholder Services Inc. ('ISS'), in recommending that Forward Air shareholders vote AGAINST the reelection of three members of the Board of Directors (the 'Board') at the 2025 Annual Meeting of Shareholders: (1.) George S. Mayes, Jr., (2.) Javier Polit and (3.) Laurie A. Tucker. In its report, Glass Lewis states the following regarding the case for removing these directors from the Board: 1 'Are legacy directors who served during the questionable pursuit, fumbled execution and to-date maladroit implementation of the Omni deal credibly positioned to oversee Forward's current assessment of value-maximizing opportunities? We believe the answer is a firm no.' '[I]nvestors do not have clear and compelling cause to believe Messrs. Mayes and Polit and Ms. Tucker are likely to be procedurally accretive and indeed have ample cause to conclude they have not been effective in preserving and enhancing shareholder value, particularly in the context of transformative transactions.' Fredrick D. DiSanto, Chairman and Chief Executive Officer of Ancora Holdings Group LLC, and James Chadwick, President of Ancora Alternatives LLC, commented: 'With both Glass Lewis and ISS endorsing the removal of the legacy directors, shareholders should drive the necessary change by voting against their reelection at the Annual Meeting. This is the best way to ensure the Board conducts a comprehensive process that results in a value-maximizing sale of the Company.' About Ancora Founded in 2003, Ancora Holdings Group, LLC offers integrated investment advisory, wealth management, retirement plan services and insurance solutions to individuals and institutions across the United States. The firm is a long-term supporter of union labor and has a history of working with union groups and public pension plans to deliver long-term value. Ancora's comprehensive service offering is complemented by a dedicated team that has the breadth of expertise and operational structure of a global institution, with the responsiveness and flexibility of a boutique firm. Ancora Alternatives is the alternative asset management division of Ancora Holdings Group, investing across three primary strategies: activism, multi-strategy and commodities. For more information about Ancora Alternatives, please visit THIS IS NOT A SOLICITATION OF AUTHORITY TO VOTE YOUR PROXY. DO NOT SEND US YOUR PROXY CARD. ANCORA IS NOT ASKING FOR YOUR PROXY CARD AND WILL NOT ACCEPT PROXY CARDS IF SENT. ANCORA IS NOT ABLE TO VOTE YOUR PROXY, NOR DOES THIS COMMUNICATION CONTEMPLATE SUCH AN EVENT.
Business Wire
08-05-2025
- Business
- Business Wire
Green Plains Reports First Quarter 2025 Financial Results
OMAHA, Neb.--(BUSINESS WIRE)--Green Plains Inc. (NASDAQ:GPRE) ('Green Plains' or the 'company') today announced financial results for the first quarter of 2025. Net loss attributable to the company was $72.9 million, or ($1.14) per diluted share compared to net loss attributable to the company of $51.4 million or ($0.81) per diluted share, for the same period in 2024. Revenues were $601.5 million for the first quarter of 2025 compared with $597.2 million for the same period last year. Adjusted EBITDA was ($24.2) million compared to ($21.5) million for the same period in the prior year. 'As you can see from our actions, our Board and Executive Committee remain focused on executing on all aspects of our business to improve profitability and to deliver on our long-term strategy,' said Michelle Mapes, Chief Legal and Administration Officer & Interim Principal Executive Officer. 'We are making meaningful progress on our 'Advantage Nebraska' carbon reduction strategy with construction now underway and on track for a fourth quarter of 2025 startup. Since the beginning of the year, we have accomplished approximately $45 million of annualized cost savings, and are on pace to reach our $50 million target. Based on the decisive steps we've taken, we expect approximately $30 million of these annualized savings in our corporate and trade SG&A, with a run rate in the low $40 million range on an annualized basis by the end of the year. We remain committed to driving efficiency, improving performance and delivering value for our shareholders.' 'With our cost reduction initiatives implemented and progressing ahead of plan, paired with a disciplined hedging program overseen by our newly formed Risk Committee, we are positioned to deliver positive EBITDA for the remainder of the year based on current market conditions,' said Phil Boggs, Chief Financial Officer. 'We have also taken decisive steps to enhance liquidity and remain focused on monetizing non-core assets to strengthen our balance sheet, improve capital access and further reduce our cost structure as we execute on our strategy.' Highlights and Recent Developments On April 15, 2025 the company entered into a Cooperation Agreement with Ancora Holdings Group, LLC and announced the refreshment of its Board of Directors through appointments of three independent new Board members On April 22, 2025 the company announced that Eco-Energy, LLC had been selected as its exclusive ethanol marketer On May 7, 2025 the company executed an amendment to extend the maturity of its $125 million Mezzanine Note facility to May 15, 2026 On May 7, 2025 the company entered into an agreement with Ancora Holdings Group, LLC for a $30 million secured revolving credit facility that matures on July 30, 2025 Results of Operations Green Plains' ethanol production segment sold 195.3 million gallons of ethanol during the first quarter of 2025, compared with 207.9 million gallons for the same period in 2024. The consolidated ethanol crush margin was ($14.7) million for the first quarter of 2025, compared with ($9.3) million for the same period in 2024. The consolidated ethanol crush margin is the ethanol production segment's operating income before depreciation and amortization, which includes renewable corn oil and Ultra-High Protein, plus marketing and agribusiness fees, nonrecurring decommissioning costs, and nonethanol operating activities. Consolidated revenues increased $4.3 million for the three months ended March 31, 2025, compared with the same period in 2024, primarily due to higher ethanol and natural gas prices, offset by lower volumes sold on ethanol, distillers grains and renewable corn oil. Net loss attributable to Green Plains increased $21.5 million and adjusted EBITDA decreased $2.7 million for the three months ended March 31, 2025 compared with the same period in 2024 primarily due to lower margins in our ethanol production segment and agribusiness and energy services segment. Net loss attributable to Green Plains also included $16.6 million of restructuring costs during the three months ended March 31, 2025. Interest expense increased $1.1 million for the three months ended March 31, 2025, compared with the same period in 2024 primarily due to lower capitalized interest. Segment Information The company reports the financial and operating performance for the following two operating segments: (1) ethanol production, which includes the production, storage and transportation of ethanol, distillers grains, Ultra-High Protein and renewable corn oil and (2) agribusiness and energy services, which includes grain handling and storage, commodity marketing and merchant trading for company-produced and third-party ethanol, distillers grains, Ultra-High Protein, renewable corn oil, natural gas and other commodities. GREEN PLAINS INC. CONSOLIDATED CRUSH MARGIN (unaudited, in thousands) 2025 2024 Ethanol production operating loss (1) $ (39,550 ) $ (33,653 ) Depreciation and amortization 21,035 20,534 Adjusted ethanol production operating loss (18,515 ) (13,119 ) Intercompany fees and nonethanol operating activities, net (2) 3,848 3,837 Consolidated ethanol crush margin $ (14,667 ) $ (9,282 ) (1) Ethanol production includes an inventory lower of cost or net realizable value adjustment of $2.5 million and $4.2 million for the three months ended March 31, 2025 and 2024, respectively. (2) Includes ($0.4) million and ($0.5) million for the three months ended March 31, 2025 and 2024, respectively, for certain nonrecurring decommissioning costs and nonethanol operating activities. Expand Liquidity and Capital Resources As of March 31, 2025, Green Plains had $126.6 million in total cash and cash equivalents, and restricted cash, and $204.5 million available under a committed revolving credit facility, which is subject to restrictions and other lending conditions. Total corporate liquidity consisting of unrestricted cash, distributable cash from subsidiaries and credit facility availability was $48.6 million as of March 31, 2025, and has increased to $89.2 million as of May 7, 2025. Total debt outstanding at March 31, 2025 was $571.8 million, including $137.4 million outstanding debt under working capital revolvers and other short-term borrowing arrangements. Conference Call Information On May 8, 2025, Green Plains Inc. will host a conference call at 9 a.m. Eastern time (8 a.m. Central time) to discuss first quarter 2025 operating results. Domestic and international participants can access the conference call by dialing 833.470.1428 and 404.975.4839, respectively, and referencing conference ID 699489. Participants are advised to call at least 10 minutes prior to the start time. Alternatively, the conference call and presentation will be accessible on Green Plains website Non-GAAP Financial Measures Management uses EBITDA, adjusted EBITDA, segment EBITDA and consolidated ethanol crush margins to measure the company's financial performance and to internally manage its businesses. EBITDA is defined as earnings before interest expense, income taxes, depreciation and amortization excluding the change in right-of-use assets and debt issuance costs. Adjusted EBITDA includes adjustments related to restructuring costs and our proportional share of EBITDA adjustments of our equity method investees. Management believes these measures provide useful information to investors for comparison with peer and other companies. These measures should not be considered alternatives to net income or segment operating income, which are determined in accordance with U.S. Generally Accepted Accounting Principles ('GAAP'). These non-GAAP calculations may vary from company to company. Accordingly, the company's computation of adjusted EBITDA, segment EBITDA and consolidated ethanol crush margins may not be comparable with similarly titled measures of another company. About Green Plains Inc. Green Plains Inc. (NASDAQ:GPRE) is a leading biorefining company focused on the development and utilization of fermentation, agricultural and biological technologies in the processing of annually renewable crops into sustainable value-added ingredients. This includes the production of cleaner low carbon biofuels and renewable feedstocks for advanced biofuels. Green Plains is an innovative producer of Sequence™ and novel ingredients for animal and aquaculture diets to help satisfy a growing global appetite for sustainable protein. For more information, visit Forward-Looking Statements All statements in this press release (and oral statements made regarding the subjects of this communication), including those that express a belief, expectation or intention, may be considered forward-looking statements (as defined in Section 21E of the Securities Exchange Act, as amended, and Section 27A of the Securities Act of 1933, as amended) that involve risks and uncertainties that could cause actual results to differ materially from projected results. Without limiting the generality of the foregoing, forward-looking statements contained in this communication include statements relying on a number of assumptions concerning future events and are subject to a number of uncertainties and factors, many of which are outside the control of the company, which could cause actual results to differ materially from such statements. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The forward-looking statements may include, but are not limited to the expected future growth, dividends and distributions; and plans and objectives of management for future operations. Forward-looking statements may be identified by words such as 'believe,' 'intend,' 'expect,' 'may,' 'should,' 'will,' 'anticipate,' 'could,' 'estimate,' 'plan,' 'predict,' 'project' and variations of these words or similar expressions (or the negative versions of such words or expressions). While the company believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of its business. Among the factors that could cause results to differ materially from those indicated by such forward-looking statements are: the failure to realize the anticipated results from the new products being developed; the failure to realize the anticipated costs savings or other benefits of the merger; local, regional and national economic conditions and the impact they may have on the company and its customers; disruption caused by health epidemics, such as the COVID-19 outbreak; conditions in the ethanol and biofuels industry, including a sustained decrease in the level of supply or demand for ethanol and biofuels or a sustained decrease in the price of ethanol or biofuels; competition in the ethanol industry and other industries in which we operate; commodity market risks, including those that may result from weather conditions; the financial condition of the company's customers; any non-performance by customers of their contractual obligations; changes in customer, employee or supplier relationships resulting from the merger; changes in safety, health, environmental and other governmental policy and regulation, including changes to tax laws; risks related to acquisition and disposition activities and achieving anticipated results; risks associated with merchant trading; risks related to our equity method investees; the results of any reviews, investigations or other proceedings by government authorities; and the performance of the company. The foregoing list of factors is not exhaustive. The forward-looking statements in this press release speak only as of the date they are made and the company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities and other applicable laws. We have based these forward-looking statements on our current expectations and assumptions about future events. While the company's management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the company's control. These risks, contingencies and uncertainties relate to, among other matters, the risks and uncertainties set forth in the 'Risk Factors' section of the company's Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission (the 'SEC'), and any subsequent reports filed by the company with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.
Japan Times
15-03-2025
- Business
- Japan Times
U.S. Steel activist investor boosts holding in turnaround push
Ancora Holdings Group has added to its holdings of U.S. Steel as the activist investor continues to push its case to replace the board and install a new CEO to lead a turnaround of the American steelmaker. Ancora's position in the Pittsburgh-based steelmaker is now worth more than $100 million, Jim Chadwick, portfolio manager and head of the firm's Alternatives subsidiary, said in an interview. Chadwick said he continues to buy as it becomes more likely that Nippon Steel's offer to buy U.S. Steel will fall through. Ancora and Alan Kestenbaum — its nominee to replace David Burritt as CEO of U.S. Steel — haven't yet spelled out a detailed plan to investors on how they intend to turn around the once-iconic steelmaker. Chadwick said they'll be investing "significant' capital and resources to grow the North American flat-rolled steel business.
