Lionbridge Capital, LP, and Robotti & Company Advisors LLC) with an ownership interest of approximately 5.0% of CIM Commercial Trust Corporation (NASDAQ: CMCT) today announced that they have nominated a slate of six highly qualified candidates for election to the CMCT Board of Directors at the Company's 2021 Annual Meeting: Thomas D. Ferguson, Mark C. Gelnaw, Raymond V. Marino II, John S. Moran, Gregory M. Morillo, and James O'Leary.
The Nominating Stockholders also announced today that they have delivered a letter to the Board which includes detailed biographies of each nominee and which expressly outlines that:
- CMCT has persistently traded at a discount to its underlying value throughout its history as a public company due to its lack of scale, excessive cost structure, and unjustified reliance on its external advisor, CIM Group;
- CMCT's structural flaws are compounded by longstanding conflicts of interest between CIM Group and the 79% majority independent shareholders of CMCT;
- The Board's clear lack of independence and poor corporate governance practices have insulated CIM management from accountability and have destroyed shareholder value;
- Board change is necessary to protect the interests of outside shareholders and realize the intrinsic value of CMCT's high-quality assets; and
- It is anticipated that a newly constituted Board will engage in an open and transparent strategic review exploring all options, including but not limited to one or more potential transactions that reflect CMCT's underlying value.
The full text of the letter to the Board can be viewed in its entirety here: Letter to CMCT Board.
About Lionbridge Capital, LP
Lionbridge Capital, LP is a value-oriented investment manager based in New York, with a fundamental approach to investing in publicly traded real estate and real estate-related companies.
About Robotti & Company Advisors LLC
Robotti & Company Advisors LLC is a value-focused, SEC-registered investment adviser with more than three decades of experience. As investors, Robotti & Company Advisors LLC frequently is a constructive and actively-engaged owner with many of its portfolio companies.
