Reservoir Media Investor Says Company Is ‘Undervalued,’ Calls for Strategic Review

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A Reservoir Media investor has called the company 'undervalued' and requested a strategic review 'of all alternatives to maximize shareholder value.'

Irenic Capital Management LP, a Manhattan-based hedge fund, has taken an 8.1% stake in Reservoir Media and believes the music company is “undervalued,” according to a, Irenic called on Reservoir to “undertake a full strategic review of all alternatives to maximize shareholder value and to form a special committee to the Board to oversee such a process.

Only French music company Believe, which has gained 42.5% because it was the target of a management-led takeover, has done better than Reservoir. In explaining the move tosaid the company had “outperformed its objectives” but its success “has not been reflected in the share price evolution.”with Roth CH Acquisition II Co, a special purpose acquisition company , in 2021. Wednesday’s $7.68 closing price is well below its 52-week high of $9.20.

Irenic owns stakes in trucking company Forward Air, Canadian software company Kinaxis and industrial technology company Barnes Group Inc., where Irenic CIO, Irenic explains that it “invests in public companies and works collaboratively” with management for improvements in operating and financial performance “that create long-term value for the company and its owners.

 

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