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ENA Investment Sends Letter to the Board of Ontex Groups

02/28/2020 | 06:18am
February 28, 2020, ENA Investment Capital sent a letter to Ontex Group NV’s Board of Directors. In the letter, ENA Investment stated that the Company has underperformed the BEL 20 index by 39% since its May 2019 investor update where, despite high expectations, management failed to communicate an appropriate value creation plan for the Company, leaving employees and shareholders with vague, confusing and underwhelming targets for 2021. ENA Investment also stated that the Company has underperformed its peers as well as the BEL 20 Index over 1, 2, 3 and 5-year periods, and since its IPO in 2014. ENA Investment added that in light of this chronic underperformance, the Board and management must take the opportunity on March 4, 2020 to update its vague and underwhelming May 2019 plan with clear 3-year targets that restore growth and profitability and which also create shareholder value.
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