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Republic First Bancorp (NASDAQ:FRBK) reaffirmed on Monday its dedication to a “full and honest strategic evaluation course of” after activist investor George E. Norcross, III, and his Avery Conner Capital Belief demanded that the corporate kind a particular committee to research alleged breaches of fiduciary responsibility and company waste.
Republic Financial institution (FRBK) responded, saying that whereas it is conducting a strategic evaluation, impartial committees are additionally investigating shareholder calls for relating to alleged actions of former administrators and a former CEO of the corporate.
In the meantime, the corporate mentioned that the Norcross group demanded a cost of $3.5M, that the corporate add its principals to FRBK’s board, and that it title Gregory B. Braca as CEO.
Republic First (FRBK) mentioned it provided the Norcross group a proper to designate an impartial director, to interview Braca as a candidate for CEO, and to pay $500K of expense reimbursement for a standstill and a dedication to take part within the strategic evaluation by submitting its proposals for consideration. Up to now, the group refused to barter, FRBK mentioned.
“The Norcross Group’s repeated claims that its principals have been ignored by the Board are totally false,” the corporate mentioned. “Certainly, the Norcross Group has had entry to the complete Board, by way of the Norcross Group’s advisors, in addition to common dialogue with particular person administrators (immediately and thru advisors).”
In September, Republic First (FRBK) began the evaluation and mentioned a number of events had expressed curiosity in a number of potential transactions.
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