{"id":726085,"date":"2023-01-26T08:03:49","date_gmt":"2023-01-26T13:03:49","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/alta-fox-sends-letter-to-daktronics-independent-committee-regarding-the-urgent-need-for-governance-improvements-leadership-changes-and-an-immediate-and-certain-liquidity-solution\/"},"modified":"2023-01-26T08:03:49","modified_gmt":"2023-01-26T13:03:49","slug":"alta-fox-sends-letter-to-daktronics-independent-committee-regarding-the-urgent-need-for-governance-improvements-leadership-changes-and-an-immediate-and-certain-liquidity-solution","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/alta-fox-sends-letter-to-daktronics-independent-committee-regarding-the-urgent-need-for-governance-improvements-leadership-changes-and-an-immediate-and-certain-liquidity-solution\/","title":{"rendered":"Alta Fox Sends Letter to Daktronics\u2019 Independent Committee Regarding the Urgent Need for Governance Improvements, Leadership Changes and an Immediate and Certain Liquidity Solution"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwuline { text-decoration: underline }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>Alta Fox Sends Letter to Daktronics\u2019 Independent Committee Regarding the Urgent Need for Governance Improvements, Leadership Changes and an Immediate and Certain Liquidity Solution<\/b><\/p>\n<p class=\"bwalignc\"><b><i>Asserts Chairman &amp; CEO Reece Kurtenbach has Received Millions in Compensation and Perpetuated Sustained Nepotism While Presiding Over Hundreds of Millions of Dollars in Value Destruction<\/i><\/b><\/p>\n<p class=\"bwalignc\"><b><i>Highlights Alta Fox is Firmly Aligned with All of Daktronics&#8217; Stakeholders, Including the Many South Dakotans Depending on the Company to Provide Jobs and Retirement Security Through its 401K<\/i><\/b><\/p>\n<p class=\"bwalignc\"><b><i><span class=\"bwuline\">Urges Independent Directors to Fully Engage with Alta Fox\u2014Daktronics\u2019 Largest Shareholder\u2014to Catalyze a Sustainable Turnaround That Benefits Shareholders and South Dakota\u2019s Economy<\/span><\/i><\/b><\/p>\n<p>DALLAS&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nAlta Fox Capital Management, LLC today released the below letter sent to Daktronics, Inc.\u2019s (NASDAQ: DAKT) Strategy and Financing Review Committee of the Board of Directors.\n<\/p>\n<p class=\"bwalignc\">\n***\n<\/p>\n<p>\nJanuary 26, 2023\n<\/p>\n<p>\nDaktronics, Inc.<br \/>\n<br \/>Attn: The Strategy and Financing Review Committee of the Board of Directors<br \/>\n<br \/>201 Daktronics Drive<br \/>\n<br \/>Brookings, South Dakota 57006\n<\/p>\n<p><span class=\"bwuline\">Subject<\/span>: Alta Fox\u2019s Increased Investment and Full Alignment with Daktronics\u2019 Stakeholders\n<\/p>\n<p>\nMembers of the Strategy and Financing Review Committee,\n<\/p>\n<p>\nAlta Fox Capital Management, LLC (together with its affiliates, \u201cAlta Fox\u201d or \u201cwe\u201d) is now the largest shareholder of Daktronics, Inc. (\u201cDaktronics\u201d or the \u201cCompany\u201d), with ownership of more than 5.8% of the Company\u2019s outstanding common shares. While we commend the Strategy and Financing Review Committee of the Board of Directors (the \u201cBoard\u201d) for securing a credit agreement amendment, we are extremely disappointed that it is not taking decisive action to address deep-rooted issues related to the Company\u2019s corporate governance, management team and value creation efforts. We believe these long-standing issues culminated in the Company\u2019s auditor issuing \u201csubstantial doubt about the Company\u2019s ability to continue as a going concern,\u201d as disclosed in the recent 8-K filed with the SEC. Alta Fox has been adamant about the urgent need for governance improvements, leadership changes and an immediate and certain liquidity solution during our private interactions with the Board, but no substantive changes have been made.\n<\/p>\n<p>\nTherefore, it is with deep regret that we have to file a Schedule 13D this week without being able to disclose a cooperation agreement with Daktronics or any indication of a productive relationship with you\u2014the very individuals whom the Company\u2019s stakeholders are depending on to protect them from further Kurtenbach-driven missteps, nepotism and value destruction. Daktronics has seen its equity market capitalization decline by <b><span class=\"bwuline\">hundreds of millions of dollars<\/span><\/b> during the tenure of Chairman and Chief Executive Officer Reece Kurtenbach, making your apparent loyalty to the Kurtenbach family and resistance to Alta Fox\u2019s good faith engagement truly confounding.\n<\/p>\n<p>\nAs we have told you previously, Alta Fox\u2014now the Company\u2019s largest shareholder\u2014has no confidence in Mr. Kurtenbach and Chief Financial Officer Sheila Anderson. The Company\u2019s shares have declined in value by more than 60% under Mr. Kurtenbach\u2019s executive leadership, in stark contrast to the Russell 2000\u2019s more than 100% long-term appreciation. That fact alone should be grounds for announcing a plan for replacing him. Meanwhile, Ms. Anderson oversaw increased discretionary capital spending and a massive build of net working capital, which greatly contributed to a liquidity crisis. In addition, we were shocked to see Mr. Kurtenbach and Ms. Anderson working from home during our video call the morning Daktronics disclosed that its auditor had issued doubt about the Company as a \u201cgoing concern.\u201d Perhaps we should not be surprised given that when we traveled to the Company\u2019s Brookings, South Dakota headquarters to meet with Mr. Kurtenbach and Ms. Anderson last year, they took us to the Company grill\u2014only to discover it was not open on Mondays. It seems they were hardly in the office as the business was deteriorating under their noses\u2014and your own\u2014during the fall of 2022. This indicates a complete lack of leadership, and suggests management is not being held accountable (let alone properly supervised) by the current Board.\n<\/p>\n<p>\nDaktronics\u2019 hard-working employees have been coming into the office for the last two decades. Many of them have also put the bulk of their life savings into Daktronics through the Company\u2019s 401K plan, which represents the fourth largest shareholder of the Company. That investment has been a disaster based on the fact it is worth less today than it was for employees who invested twenty years ago.\n<\/p>\n<p>\nWe are writing today to once again request a substantive response to Alta Fox\u2019s past private offers to provide certain, immediate capital and collaborate on necessary governance and leadership changes. Despite yesterday\u2019s announcement that the Company was \u201creviewing several financing proposals\u201d and \u201cengaging with other potential financing sources,\u201d you have failed to engage in a good faith negotiation over the proposal we submitted over a month ago. It should not take this much time for you to give us specific feedback or mark-up our term sheet, especially given our status as a major shareholder. Our offers should facilitate a dialogue\u2014not sporadic communication that amounts to stonewalling. Your seemingly aloof posture is all the more troubling when considering that you are the very individuals who allowed management to recently drive Daktronics to the brink of financial distress months after we made Mr. Kurtenbach and Ms. Anderson aware of our willingness to provide liquidity. At this point, we question whether our good faith proposals have been disregarded because a growing number of insiders are putting their own interests ahead of what is best for all shareholders, employees, customers and relevant communities in South Dakota. Although our major concerns previously pertained to Mr. Kurtenbach\u2019s desires to perpetuate a culture of nepotism and retain his roles, we now fear a broader boardroom bias exists against our proposals merely because it would challenge the status quo. This is no justification, in our view, for keeping the Company and all of its stakeholders mired in unnecessary risk.\n<\/p>\n<p><b><span class=\"bwuline\">The reality is Alta Fox is fully aligned with all of Daktronics\u2019 stakeholders, including the many South Dakotans who depend on the Company to provide jobs and retirement plan security<\/span>.<\/b> Alta Fox has continued to invest in Daktronics\u2019 common shares, and may increase its equity stake further in the future. Alta Fox is also willing to put a significant amount of its own capital at risk in order to solve the immediate Daktronics liquidity crisis, while also working alongside you to appoint competent leadership that can help the Company thrive for decades to come. We want to be part of the solution at Daktronics.\n<\/p>\n<p>\nIn closing, please know Alta Fox has been receiving an outpouring of unsolicited support from fellow Daktronics stakeholders. It appears that many individuals who are dependent on the Company share our frustrations, support us and want the leadership changes we are advocating for, including Mr. Kurtenbach\u2019s departure from his current roles. <b><span class=\"bwuline\">We urge you to put aside your apparent biases and preferences in favor of finally engaging in good faith with the Company\u2019s largest shareholder<\/span>.<\/b> If you do not, we will have no choice other than to proceed with a sustained public campaign to expose the underlying dysfunction at Daktronics and ultimately install new leadership that is committed to transforming the Company into a value-generating business that can be a gem of the South Dakota economy.\n<\/p>\n<p>\nSincerely,\n<\/p>\n<p>\nConnor Haley\n<\/p>\n<p>\nManaging Partner<br \/>\n<br \/>Alta Fox Capital Management, LLC\n<\/p>\n<p class=\"bwalignc\">\n***\n<\/p>\n<p><b><span class=\"bwuline\">About Alta Fox<\/span><\/b><\/p>\n<p>\nFounded in 2018 by Connor Haley, Alta Fox is a Texas-based alternative asset management firm that employs a long-term focused investment strategy to pursue exceptional risk-adjusted returns for a diverse group of institutions and qualified individual clients. Alta Fox focuses on identifying often overlooked and under-the-radar opportunities across asset classes, market capitalization ranges and sectors. Learn more by visiting <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.AltaFoxCapital.com&amp;esheet=53291554&amp;newsitemid=20230126005382&amp;lan=en-US&amp;anchor=www.AltaFoxCapital.com&amp;index=1&amp;md5=0a748a50938241f69b56dcdbcfb434f2\">www.AltaFoxCapital.com<\/a>.\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230126005382r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20230126005382\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20230126005382\/en\/<\/a><\/span><\/p>\n<p>\nAlta Fox Investor Relations<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:ir@altafoxcapital.com\">ir@altafoxcapital.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> Texas United States North America<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Professional Services Finance<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\" \/>\n","protected":false},"excerpt":{"rendered":"<p>Alta Fox Sends Letter to Daktronics\u2019 Independent Committee Regarding the Urgent Need for Governance Improvements, Leadership Changes and an Immediate and Certain Liquidity Solution Asserts Chairman &amp; CEO Reece Kurtenbach has Received Millions in Compensation and Perpetuated Sustained Nepotism While Presiding Over Hundreds of Millions of Dollars in Value Destruction Highlights Alta Fox is Firmly Aligned with All of Daktronics&#8217; Stakeholders, Including the Many South Dakotans Depending on the Company to Provide Jobs and Retirement Security Through its 401K Urges Independent Directors to Fully Engage with Alta Fox\u2014Daktronics\u2019 Largest Shareholder\u2014to Catalyze a Sustainable Turnaround That Benefits Shareholders and South Dakota\u2019s Economy DALLAS&#8211;(BUSINESS WIRE)&#8211; Alta Fox Capital Management, LLC today released the below letter sent to Daktronics, Inc.\u2019s (NASDAQ: DAKT) Strategy &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/alta-fox-sends-letter-to-daktronics-independent-committee-regarding-the-urgent-need-for-governance-improvements-leadership-changes-and-an-immediate-and-certain-liquidity-solution\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Alta Fox Sends Letter to Daktronics\u2019 Independent Committee Regarding the Urgent Need for Governance Improvements, Leadership Changes and an Immediate and Certain Liquidity Solution&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-726085","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Alta Fox Sends Letter to Daktronics\u2019 Independent Committee Regarding the Urgent Need for Governance Improvements, Leadership Changes and an Immediate and Certain Liquidity Solution - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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Value Destruction Highlights Alta Fox is Firmly Aligned with All of Daktronics&#8217; Stakeholders, Including the Many South Dakotans Depending on the Company to Provide Jobs and Retirement Security Through its 401K Urges Independent Directors to Fully Engage with Alta Fox\u2014Daktronics\u2019 Largest Shareholder\u2014to Catalyze a Sustainable Turnaround That Benefits Shareholders and South Dakota\u2019s Economy DALLAS&#8211;(BUSINESS WIRE)&#8211; Alta Fox Capital Management, LLC today released the below letter sent to Daktronics, Inc.\u2019s (NASDAQ: DAKT) Strategy &hellip; Continue reading &quot;Alta Fox Sends Letter to Daktronics\u2019 Independent Committee Regarding the Urgent Need for Governance Improvements, Leadership Changes and an Immediate and Certain Liquidity Solution&quot;\" \/>\n<meta property=\"og:url\" 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Committee Regarding the Urgent Need for Governance Improvements, Leadership Changes and an Immediate and Certain Liquidity Solution Asserts Chairman &amp; CEO Reece Kurtenbach has Received Millions in Compensation and Perpetuated Sustained Nepotism While Presiding Over Hundreds of Millions of Dollars in Value Destruction Highlights Alta Fox is Firmly Aligned with All of Daktronics&#8217; Stakeholders, Including the Many South Dakotans Depending on the Company to Provide Jobs and Retirement Security Through its 401K Urges Independent Directors to Fully Engage with Alta Fox\u2014Daktronics\u2019 Largest Shareholder\u2014to Catalyze a Sustainable Turnaround That Benefits Shareholders and South Dakota\u2019s Economy DALLAS&#8211;(BUSINESS WIRE)&#8211; Alta Fox Capital Management, LLC today released the below letter sent to Daktronics, Inc.\u2019s (NASDAQ: DAKT) Strategy &hellip; Continue reading \"Alta Fox Sends Letter to Daktronics\u2019 Independent Committee Regarding the Urgent Need for 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