Marlton LLC Maintains Support for Immediate $1.5 million Return of Capital to Stockholders and launches www.unlockPRKAvalue.com
CHICAGO, March 29, 2019 /PRNewswire/ -- Today Marlton LLC ("Marlton") released www.UnlockPRKAvalue.com – a website detailing the opportunities to realize shareholder value at Parks! America, Inc. (OTC: PRKA).
Marlton released the following statement regarding Parks! America, Inc. (PRKA):
The equity market reaction to our suggestions for both capital structure and corporate governance improvement at PRKA has been overwhelmingly positive. The stock appreciated +18.8% to $0.19 on the day of our January 14, 2019, letter representing the largest one-day increase in share price value over the trailing 765 trading days.
Since reaching that price of $0.19, the stock has fallen (-21.1%) to $0.15. In PRKA's February 7, 2019 earnings press release management specifically cited a commitment to being "highly focused" on "enhancing shareholder value." While their response acknowledged our call for increased Board accountability and a strategic review, it clearly fell far short of the change that shareholders wanted and expected to see – this is reflected in the current stock price. A more comprehensive commitment from the PRKA Board is necessary.
We reiterate our previously stated suggestions that taking the following steps to dramatically improve PRKA's current capital allocation strategy and corporate governance would in turn improve stockholder returns:
- Return of capital of $1,500,000 through either a Special Dividend of $0.0201 per share or a Modified Dutch Auction Tender.
- Announce the formation of a Special Committee of Current Independent Board Members Charles A. Kohnen & Jeffrey Lococo, to explore all strategic alternatives to maximize stockholder value, including the disbursement of a Special Dividend, Modified Dutch Auction Tender and/or the sale of the Company.
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SOURCE Marlton LLC
