{"id":792199,"date":"2024-12-03T17:48:04","date_gmt":"2024-12-03T22:48:04","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/hestia-capital-management-discloses-additional-information-regarding-10b5-1-plan-at-pitney-bowes\/"},"modified":"2024-12-03T17:48:04","modified_gmt":"2024-12-03T22:48:04","slug":"hestia-capital-management-discloses-additional-information-regarding-10b5-1-plan-at-pitney-bowes","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/hestia-capital-management-discloses-additional-information-regarding-10b5-1-plan-at-pitney-bowes\/","title":{"rendered":"Hestia Capital Management Discloses Additional Information Regarding 10b5-1 Plan at Pitney Bowes"},"content":{"rendered":"

<\/p>\n

Hestia Capital Management Discloses Additional Information Regarding 10b5-1 Plan at Pitney Bowes<\/b><\/p>\n

Notes That Managing Member Kurt Wolf Intends to be a Long-Serving Pitney Bowes Director and Shareholder<\/i><\/b><\/p>\n

PITTSBURGH–(BUSINESS WIRE<\/a>)–
\nHestia Capital Management, LLC (collectively with its affiliates, \u201cHestia\u201d or \u201cwe\u201d), a large shareholder of Pitney Bowes, Inc. (NYSE: PBI) (\u201cPitney Bowes\u201d or the \u201cCompany\u201d), today provided additional detail on its Managing Member\u2019s 10b5-1 Plan (the \u201cPlan\u201d) at the Company. Hestia\u2019s Managing Member, Kurt Wolf, has served on Pitney Bowes\u2019 Board of Directors since 2023 and intends to be a long-serving director and shareholder. Mr. Wolf recently put in place a Plan that is structurally similar to ones established by directors, including those who run investment management firms, at other public companies.<\/p>\n

Facts and Considerations<\/span><\/b><\/p>\n

\nThrough Hestia\u2019s managed investment vehicles, including its flagship fund and a special purpose vehicle, it is the beneficial owner of just over 15.83 million shares of Pitney Bowes\u2019 common stock. Notably, Hestia\u2019s flagship fund, Hestia Capital Partners, LP (\u201cHCP\u201d) is a deep value fund that targets investments in high-potential companies that trade at 5x, or less, of Free Cash Flow.<\/p>\n

\nThe Plan gives Hestia the opportunity to gradually reduce its flagship fund\u2019s exposure to Pitney Bowes, provided the Company\u2019s common stock appreciates and hits several new share price highs in the future, and thereby align the concentration of its shareholdings in Pitney Bowes with its single-investment exposure limit commitments to its limited partners. Of note, neither Hestia nor Mr. Wolf have sold any shares of Pitney Bowes to date.<\/p>\n

Share Price Triggers in Hestia\u2019s 10b5-1 Plan<\/span><\/b><\/p>\n

\nHestia does not believe it is appropriate to disclose the exact details of its Plan, as doing so could allow certain investors to \u201cfront run\u201d the Plan. However, Hestia has put together a table that highlights its ownership levels at various share price levels, including future potential levels:<\/p>\n\n\n\n\n\n\n\n\n\n
Price<\/b><\/td>\nRetained Shares<\/b><\/td>\n% of Total<\/b><\/td>\n<\/tr>\n
\n

\n$8<\/p>\n<\/td>\n

\n

\n15,833,636<\/p>\n<\/td>\n

\n

\n100%<\/p>\n<\/td>\n<\/tr>\n

\n

\n$10<\/p>\n<\/td>\n

\n

\n14,583,636<\/p>\n<\/td>\n

\n

\n92%<\/p>\n<\/td>\n<\/tr>\n

\n

\n$12<\/p>\n<\/td>\n

\n

\n12,083,636<\/p>\n<\/td>\n

\n

\n76%<\/p>\n<\/td>\n<\/tr>\n

\n

\n$14<\/p>\n<\/td>\n

\n

\n8,833,636<\/p>\n<\/td>\n

\n

\n56%<\/p>\n<\/td>\n<\/tr>\n

\n

\n$16<\/p>\n<\/td>\n

\n

\n4,333,636<\/p>\n<\/td>\n

\n

\n27%<\/p>\n<\/td>\n<\/tr>\n

\n

\n$18<\/p>\n<\/td>\n

\n

\n3,333,636<\/p>\n<\/td>\n

\n

\n21%<\/p>\n<\/td>\n<\/tr>\n

\n

\n$20+<\/p>\n<\/td>\n

\n

\n3,333,636<\/p>\n<\/td>\n

\n

\n21%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\nNotably:<\/p>\n