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12/1/2025

Investors Becoming ‘Much More Interested’ in Ires Reit After Housing Plans — Davy

Business Post (12/01/25) Thompson, Fionn

Ires Reit (RSHPF) is likely to be a standout performer on the Irish stock market next year amid the government’s push for increased housebuilding, according to the Irish financial services firm Davy Group. Speaking at Davy’s media briefing on Monday, Diarmaid Sheridan, senior director of equity research, said that the listed real estate investment trust (Reit) and other listed firms connected to residential construction were likely to be top performers in 2026 due to the “significant progress” on housing delivery. “We speak on a daily basis to institutional investors… [who are] always looking for areas to play the Irish economy, and it's the property side… with Cairn and Glenveagh,” he said. “A lot of people are becoming much more interested in Ires again. “So those three are probably the main names that, if you don't want to invest in banks, if you want to play the Irish economy – those are the three which institutional equities investors, largely outside of Ireland, are looking to play.” Despite holding the title of Ireland’s largest private landlord, Ires Reits’ share price has lagged its considerable portfolio of properties. In November 2024, its share price slumped to an all-time low of €0.83 amid increased tensions with activist shareholder Vision Capital, which started a shareholder revolt the previous year over its flagging share price. However, it has recovered in recent quarters — Vision had completely divested its position by mid July of 2025, it announced its first property acquisitions in two and a half years in August and reported an optimistic trading update in November after confirmation of the government’s rent cap regulation. Its shares have risen by 6.81% this year to €0.968 — still below its €1 IPO price in 2014. Sheridan also pointed to research from Davy which showed that the Iseq All Share outperformed other global markets, such as the MSCI World and the Stoxx 600, over the course of the year. This rise, admittedly, was from a “small number of stocks,” and even smaller number of small stocks Sheridan said. However, some companies in particular led the Iseq’s charge in 2025 — Ryanair (RYAAY), the listed banks, and Uniphar (UPR), the latter of which has gained over 81% since the turn of the year. The number of listed companies has fallen from over 70 in 2007 to just 21 currently, with the financial crash a large determinant as companies went private or sought alternate primary listings. The IPO market might pick up in Ireland as activity heats up in Europe. Sheridan noted that IPO activity ticked up in Europe in the previous three quarters as there was a “reallocation of money out of America” and into European funds.

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12/1/2025

Barrick Considering Spinning Off North American Gold Assets

Wall Street Journal (12/01/25) Stewart, Robb

Barrick Mining (B) is considering spinning off its North American gold assets into a listed business, separating the operations from the miner’s gold and copper mines in riskier parts of the world. The proposed breakup marks an escalation of a recently-launched review of the Canadian miner’s operations that put greater emphasis on the North American assets, which currently account for more than half of its gold production. It also comes after activist investor Elliott Management built up a sizable stake in Barrick, encouraged by the prospect the assets could be split. Barrick on Monday said its board authorized the company’s management team to explore an initial public offering that would house the North American operations, anchored by the Nevada Gold Mines and the Pueblo Viejo mine in the Dominican Republic, as well as Barrick’s wholly-owned Fourmile discovery in Nevada. Newmont (NEM) owns an almost 39% stake in the massive Nevada Gold Mines complex and a 40% interest in Pueblo Viejo. If a breakup goes ahead, Barrick said it intends to retain a controlling majority interest in the new company, along with its various other assets globally. Interim Chief Executive Mark Hill said an IPO of the North American assets could give shareholders more “optionality around jurisdiction” in a pure gold company that offers growth. “We are singularly focused on driving improved performance and shareholder value,” he said. Hill was named chief operating officer and interim leader in late September when Barrick unexpectedly parted ways with Mark Bristow, who had been CEO for nearly seven years since the company bought Randgold Resources. Randgold, which was founded and run by Bristow for more than two decades, increased Barrick’s focus on Africa. Bristow’s tenure also saw Barrick exit a number of non-core assets even as it increased its emphasis on copper and placed big bets on developments including the Riko Diq copper and gold project in a district of Pakistan challenged by underdevelopment and a lack of infrastructure for the sparse population. Barrick said management plan to explore the potential for a split into early 2026, and it aims to update the market on its progress with the release of its 2025 financial results in February. Barrick, the largest gold producer in the U.S., has operations and projects in 18 countries and five continents. Its assets include six of the world’s biggest gold mines. Despite that, gold production has fallen even as the price of the precious metal has hit new highs, held back in part by a long-running dispute with the military junta in Mali that forced the suspension of its mines in the country at the start of the year. Last month, Barrick said it reached an agreement with Mali’s government to settle the dispute that would see all charges brought against the company and its employees dropped, four detained workers released and for operating control of the Loulo and Gounkoto mines to be returned to the company. No details were offered on what Mali, which already owns a 20% stake in the mines, is expected to see out of the settlement. Elliott has positioned itself as one of Barrick’s top 10 shareholders, a person familiar with the matter has said. News of its shareholding emerged after Barrick’s Hill in November said the miner was emphasizing the growth potential of its North American operations and would seek to expand and not just replace the resources it digs up. That includes what Hill at the time said were plans to put a bias in exploration funding toward North America, rather than equally-splitting exploration efforts between the Middle East and Africa, Latin America, and North America. Barrick’s shares climbed more than 4% in premarket trading in New York after the company announced it was considering an IPO of the North American assets. The shares have soared this year, including rally more than 50% in the last three months.

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11/29/2025

Greggs Activist Investor Demands ‘Timid’ Bosses Cut Costs

The Times (London) (11/29/25) Gill, Oliver

Greggs (GGGSF) is being urged by an activist investor to cut tens of millions of pounds of annual costs over fears that the bakery chain will otherwise fall prey to a cut-price takeover bid. David Mercurio of Singapore-based hedge fund Lauro Asset Management this weekend attacked Greggs’s “timid” management after the company’s share price plunged 44% this year, giving it a stock market value of £1.6 billion. The intervention comes just hours after influential activist investor Silchester took a 5% stake in Greggs, making it the company’s biggest shareholder. And it will set up a battle royale between bull and bear investors in Greggs, which is the most shorted London-listed stock — even though the company’s shares are lounging at a five-year low. Nearly one in ten of Greggs’ shares are on loan to opportunistic investors betting against the company’s fortunes. They do so by selling the borrowed stock with a view to buying it back at a lower price and profiting on a share price fall. Lauro, backed by GIC, Singapore’s giant sovereign wealth fund, ranks among Greggs’ biggest investors. City sources said that Mercurio’s views were representative of the frustration shared by many of the larger traditional investors who rarely publicly share their grievances with management. Greggs insisted last month that it was making progress despite challenging market conditions. It said it was “making the brand more convenient for a wider range of customers” through targeted store openings. The company declined to comment further this weekend. Mercurio said that Greggs’ expected cost growth next year of 8.4% was far too high in the context of the UK minimum wages increasing by 4.2% in 2026. “Costs is what management can control, particularly in the current febrile consumer environment,” he said. “We think management should be more aggressive in right-sizing its cost base post recent high inflation.”

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11/29/2025

Swatch Activist Lambasts Omega Owner’s ‘Worst-in-Class’ Governance

Financial Times (11/29/25) Ruehl, Mercedes

Activist investor Steven Wood has accused Swatch Group (SWGAy) of “worst-in-class governance” as he proposes a raft of changes to the Swiss watchmaker’s board and abandons hopes of a constructive relationship with the controlling Hayek family. Wood, whose Greenwood Investors fund owns Swatch shares that carry about 0.5% of total voting rights, has ditched plans to gain a board seat and is now pushing the board to adopt a package of governance reforms. “I no longer think of the primary goal as going on the board and having a constructive relationship. These are new moves to force them to evolve their worst-in-class governance," Wood said. The Hayek family owns a quarter of Swatch’s shares but controls 44% of the voting rights. The watchmaker — which owns 16 brands including Omega, Longines, and Tissot — has been run by chief executive Nick Hayek for 22 years. His sister, Nayla, has chaired the board since 2010. While Swatch shares have risen by 3% this year, they are still trading near lows last reached in the aftermath of the 2008 financial crisis. In the first half of the year the watchmaker’s operating profit slumped by two-thirds to SFr68mn and revenue fell 7.1% to SFr3.06bn amid weak demand in China. Greenwood has formally submitted six proposals to be included on the agenda for the next AGM, most likely to be held in May. They include giving bearer shareholders, whose shares carry lower voting rights than the so-called registered shares held by the Hayek family, the right to elect three board members. The investor is also pushing for the introduction of a mandatory rotation of auditors and a shareholder-elected independent chair for the board compensation committee. Three of Swatch’s seven board directors are Hayek family members. “The company needs more than just one new board member, the board needs total change,” Wood said. Holders of so-called bearer shares represent 55% of Swatch’s share capital but carry a minority of voting rights. Wood’s effort to gain a board seat this year was in effect blocked by the Hayek family despite gaining the support of more than 60% of bearer shareholders. Swatch’s board recommended shareholders vote against Wood’s resolution for several reasons, including that he is not Swiss and does not live in the country. The company said that 79% of shareholders rejected Wood’s candidacy at the previous meeting. Wood maintains he has plentiful backing. “Many investors have told me they are supportive. We are encouraging them to also express to the company their support for change,” he said. One major institutional investor in Swatch said it was supportive of Wood’s ideas to drive governance improvements. “We think this could unlock much more value in such a strong Swiss brand,” they said. Swatch said that while Greenwood has informed the company it would provide evidence it fulfils the legal requirements for placing motions on the agenda for the AGM, it has “not yet received any such evidence.”

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11/28/2025

Activist AVI to Invest ¥38 Billion More in Japan Small, Mid Caps

Bloomberg (11/28/25) Tsutsumi, Kentaro

London-based activist Asset Value Investors Ltd. plans to invest an additional ¥38 billion ($243 million) in Japanese small- and mid-cap companies following the merger of two investment trusts. AVI Japan Opportunity Trust announced Thursday that it would acquire approximately £184 million ($243 million) of net assets from Fidelity Japan Trust in exchange for 110,674,880 new shares in AVI Japan. The deal comes after the two funds agreed to merge in August. The additional net assets which constitute cash or cash equivalents will be invested in existing investment target firms and a handful of new ones over the next 8-10 weeks, said Nicola Takada Wood, managing director at Asset Value Investors. “Maybe two or three” names would be added to the portfolio, she said in an interview with Bloomberg in September. AVI Japan’s investment targets usually hold net cash and securities which, in aggregate, are more than 30% of their market capitalization, according to its website. As of October, its holdings included pen tablet makers Wacom Co. (WACMY), Eiken Chemical Co. (4549), and Rohto Pharmaceutical Co. (RPHCF). Japanese small- and mid-cap stocks have outperformed large-cap stocks this year, as a limited exposure to U.S. tariffs and robust domestic demand provided a boost. Activist investors like AVI could provide an additional tailwind, with Takada Wood having already said back in September there is a lot of room for corporate governance improvement in smaller firms.

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11/27/2025

Delivery Hero Investors Said to Push for Sale, Divestments

Bloomberg (11/27/25) Henning, Eyk; Chan, Vinicy; Baigorri, Manuel

Delivery Hero SE (DELHY) is facing pressure from several large shareholders to conduct a strategic review amid increasing consolidation in the food-delivery industry, people with knowledge of the matter said. Investors including Hong Kong hedge fund Aspex Management, which is Delivery Hero’s second-biggest shareholder with a stake of more than 5%, are pushing management to consider a sale of the company or parts of its business, the people said. The pressure comes amid weak stock performance for Delivery Hero, whose shares have fallen about 50% over the past year and nearly 90% from a 2021 peak. Singapore-based Broad Peak Investment Advisers, Switzerland’s PSquared Asset Management and at least one large US fund have separately expressed their frustration with what they see as Delivery Hero’s lack of progress in streamlining its loss-making operations and boosting shareholder value, some of the people said. Although Delivery Hero has unsuccessfully tried to shed businesses including the sale of its Taiwan unit to Uber Technologies Inc. (UBER), the investors are calling for a broader strategic approach to trimming its portfolio, they said. “This is the first real concrete sign of pressure on the management and supervisory boards to act,” Barclays Plc analysts led by Andrew Ross wrote in a research note Friday. “Our sense from speaking to the investor community in recent weeks is that the sentiment around a strategic review and asset sales being needed is shared relatively broadly.” Delivery Hero or some of its units could attract interest from competitors like Chinese internet giant Meituan (MPNGY), Singapore’s Grab Holdings Ltd. (GRAB), or Uber if they were put up for sale, according to the people. Delivery Hero’s Korean business Baedal Minjok, which is the country’s biggest food delivery app, is among the assets seen as particularly attractive. Disgruntled investors that own more than 5% of Delivery Hero could call for a shareholder meeting and withdraw support for the company’s management under German regulations. While such a vote is largely symbolic, losing a shareholder confidence vote can be seen as a black mark for executives. Dubai-based asset manager Ajeej Capital, which has a stake in both Delivery Hero and its listed Middle Eastern unit Talabat Holding Plc, has separately expressed concerns about a persistent disconnect between the companies’ strong fundamentals and their depressed market valuations, some of the people said. The moves come as Delivery Hero’s largest shareholder, Prosus NV, has vowed to significantly reduce its 27.4% stake by August 2026 to allay antitrust concerns over its acquisition of Just Eat Takeaway.com NV. Barclays’ Ross wrote “it is likely there is movement of some sort in the next few months,” given the time pressure from the deadline for Prosus to sell its stock and the upcoming annual general meeting in June. A sale of Delivery Hero’s Southeast Asian markets, Korean business or Latin American operations would be the most logical, with the Korean unit being the most meaningful asset to divest in terms of “moving the needle,” he said in the research note. If Delivery Hero can get a decent price for an asset, it would make sense to sell in order to realize some value, improve the capital structure and have some more funds for stock buybacks, Ross wrote. He has an “overweight” rating on the stock with a target price of €38.10, indicating the potential for it to roughly double from current levels. “Depending what was sold and to who, it could also be the first step in the whole company being broken up over time,” he said.

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11/27/2025

Penn Acted ‘in Good Faith’ in HG Vora Proxy Battle Says Special Committee

Next.io (11/27/25) Thomas-Akoo, Zak

Penn Entertainment’s (PENN) Special Litigation Committee has concluded the business acted ‘in good faith’ in its proxy battle with HG Vora. The Penn committee was formed after activist investor HG Vora sued the business in May 2025 over its decision to reduce the size of its board from nine seats to eight, and consists of two independent attorneys. While two of HG Vora’s recommended board members, Johnny Hartnett and Carlos Ruisanchez, were accepted by Penn, the reduction in its size stopped the third — Penn’s former CFO William Clifford — from being voted on at the company’s 2025 AGM. This fight came as part of a wider proxy battle that saw HG Vora attempt to force the Jay Snowden-led regional casino and online gaming operator to change its strategy, which it argued had destroyed shareholder value. “Based on the Committee’s investigation… the Committee has concluded that it would not be in the best interests of the company to pursue the derivative claims,” the decision said. “The Committee determined that the board acted in good faith within its business judgment and in furtherance of what it believed was the best interests of PENN in its decision to eliminate the board seat and reduce the overall size of the board from nine to eight. “A major consideration in the board's decision was the board's belief that, under the circumstances, it was necessary to avoid the company's exposure to potential regulatory risk, which could jeopardize its gaming licenses, its most important assets. At all times, the board acted with the advice of legal and gaming experts.” HG Vora's regulatory history was also criticized, in a way the firm itself strongly rejected in a letter to Penn responding to the report. The report argued “HG Vora had a history of pushing the boundaries of gaming control restraints” evidenced by the violation of its institutional waivers in December 2023 and that “HG Vora continued in its efforts to influence or affect the operations of Penn as an unlicensed entity, despite the institutional waivers and promise to be passive.” It also pointed to a nearly $1m fine paid to the SEC for failure to comply with Schedule 13D disclosure requirements in a timely manner, while engaged in an unsolicited offer to acquire transportation and logistics firm Ryder System (R). The committee characterized Clifford as the nominee of a controversial, unlicensed shareholder determined to influence corporate governance, and highlighted he had previously been rejected to join the board due to his insufficient interactive experience and conservative vision of the company and industry. The report also highlighted that the committee's investigation included numerous interviews, a review of the relevant documents and materials, and the hiring of an expert gaming consultant. Penn's interactive strategy has faced widespread criticism throughout the wider gaming industry, including its decision to spend billions purchasing media brands theScore and Barstool Sports, the latter of which it eventually sold back to its founder for $1. More recently, Penn abandoned its high-profile and expensive licensing deal with ESPN, resulting in a second rebrand of its flagship online sports betting app. In a motion submitted to the Pennsylvania Eastern District, HG Vora flatly rejected the report's conclusions, arguing its contents demonstrate the committee “did not conduct a reasonable investigation and lacked a rational basis for its decision…” In a letter to Penn, HG Vora's attorneys said: “[T]he Draft Report makes clear that the investigation was biased, misconstrues the appropriate legal framework for assessing the board's decision, provides no factual support for the central premise underlying the SLC's conclusion, and contains erroneous factual assertions.” HG Vora criticized its lack of input in choosing the committee members and the report's lack of reference to Penn's poor performance, and disputed some of the basis of its findings.

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11/26/2025

Civeo Adds 2 New Board Members, Reaches Agreement with Activist Investor

Houston Business Journal (11/26/25) Klinge, Naomi

Civeo Corp. (CVEO), which provides workforce housing to the oil and gas industry, has a new cooperation agreement with an activist shareholder. Jeffrey B. Scofield and Daniel B. Silvers have joined Civeo's board of directors in conjunction with the agreement with Engine Capital LP and its affiliates. Engine Capital LP sent a letter to the Civeo’s board of directors on March 18 saying that although Civeo has high-quality assets “that will continue to generate strong and growing free cash flows in the future,” the company needs to improve its shareholder returns. At the time, the investor said it owned about 9.8% of Civeo’s shares. Engine Capital wanted Civeo to repurchase more shares and consider a sale. The investor even called into question the presence of Civeo’s headquarters in Houston, where Civeo has no operations and spends $30 million on corporate overheads costs, the letter said. Engine Capital questioned if the roles in Houston could be folded into Civeo’s Canadian or Australian operations and if it would be cheaper for Civeo to trade on the Toronto Stock Exchange or the Australian Securities Exchange rather than the New York Stock Exchange. A couple weeks after the letter was sent, Civeo announced it would launch a share repurchase program to buy back 10% of shares, though the Engine Capital letter requested a program to repurchase 25% of shares. Now, Scofield and Silvers are joining the board. Scofield, COO of Houston-based private equity firm Lime Rock Partners, will serve on the audit committee and the finance and investment committee, while Silvers, founder and managing member of investment firm Matthews Lane Capital Partners LLC, will serve on the compensation committee and environmental, social, governance and nominating committee. With these appointments, Civeo said its board will temporarily increase to 11 directors. Two incumbent directors will not stand for reelection at the next annual meeting in 2026, so the board will be reduced to nine directors, including eight independent directors. “Given his more than two decades of global, natural-resource investment management and corporate governance experience, Jeff adds another seasoned, shareholder-focused voice to our board,” Civeo Chairman Richard A. Navarre said in a news release. "We particularly look forward to benefitting from his expertise in North American and international natural resources and infrastructure, Civeo’s core markets. “Daniel brings a proven track record as an investor, executive and public company director. We expect that his capital allocation and boardroom experience will make him a valuable contributor to Civeo’s board as we oversee the company’s continued strategic execution. These appointments underscore our commitment to ongoing board refreshment and rigorous governance practices, consistent with our focus on delivering enhanced long-term value for all shareholders.” Civeo said the full text of the agreement with Engine Capital will be filed with the SEC, but it had not yet been filed as of noon on Nov. 26. “We invested in Civeo because we believe in the company’s growth profile in key markets and its strong customer relationships,” Arnaud Ajdler, founder and managing member of Engine Capital, said in the release. “We trust that the appointment of these two highly accomplished individuals will further enhance Civeo’s focus on growth and value creation. We appreciate Civeo’s ongoing collaboration and look to build on this constructive relationship.”

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11/26/2025

Barrick Lead Director Steps Down as Leadership Shakeup Continues

Toronto Globe & Mail (11/26/25) McGee, Niall

Barrick Mining Corp.’s (B) lead independent director Ben van Beurden is stepping down, the latest in a series of leadership shakeups at the big Canadian gold miner. van Beurden, former CEO of Shell (SHEL), had only been with Barrick since May, and when he was appointed lead director, the company trumpeted his extensive experience as a leader with “nearly four decades of global leadership in the energy and natural resources sectors.” No reason was given for his abrupt departure. van Beurden will be succeeded by current Barrick board member Loreto Silva who takes over as the lead independent director. No replacement for Silva was announced, and it is unclear whether the number of directors will permanently be smaller on the board. It is also unclear whether the board change is coming at the behest of activist investor Elliott Investment Management LP, which recently amassed a $1-billion stake in Barrick and has been pushing for big changes, including a split of the company that would separate its North American mines from the other parts of its business perceived as much riskier, such as its African gold mines, its giant new Pakistani project, and its copper mines in the Middle East and Africa. In a statement Wednesday morning, Barrick chairman John Thornton said the company remains focused on delivering long-term value for shareholders. He added that Barrick has “industry-leading assets” and a strengthened leadership team that is fully aligned on delivering its strategic priorities. In September, Barrick cut ties with CEO Mark Bristow after years of underperformance and after he clashed repeatedly with Thornton, The Globe and Mail has reported. Toronto-based Barrick last week also cut ties with several executives including Kevin Thomson, senior executive VP of strategic matters, who had been with Barrick since 2014, and Christine Keener, chief operating officer for North America.

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