NEW
YORK, March 21, 2024 /PRNewswire/ -- Riposte
Capital LLC, one of the largest shareholders of SilverBow
Resources, Inc. (NYSE: SBOW), owning approximately 9.9% of the
Company's outstanding common stock, today issued the following
statement:
Riposte Capital has thoroughly analyzed
Kimmeridge's proposal, published on March
13, 2024, to combine Kimmeridge Texas Gas with SilverBow
Resources, Inc. ("SilverBow" or "the Company") and finds it to be
highly compelling.
Riposte urges the Company to capitalize on this
strategically and financially advantageous opportunity. The
benefits of the transaction are clear: the combined entity would be
positioned to lead further consolidation in the region and would be
instantly attractive to the public markets given its scale, modest
leverage, inventory depth, and projected 2025 EBITDA in line with
peers. This is in stark contrast to SilverBow today, which trades
at a significant discount to peers and is too levered to pursue
growth or return cash to shareholders.
Repeatedly ignoring shareholders' interests has
become somewhat standard practice for SilverBow, as management and
the Board have pursued their own agenda at the expense of
shareholders. Most notable is the introduction of the shareholder
rights plan or "Poison Pill" 18 months ago which has only alienated
the company from the public domain and deterred prospective
shareholders from investing.
As stewards of shareholder capital, SilverBow's
Board has a fiduciary responsibility to engage with Kimmeridge in
good faith negotiations in order to extract the highest possible
transaction price. Failure to do so could result in legal
repercussions and would further highlight management's
self-interest. Riposte believes the overwhelming majority of
shareholders want the Board to seize this opportunity to transform
SilverBow for the benefit of all the Company's stakeholders.
About Riposte Capital
Riposte Capital is an SEC Registered Investment Advisor based in
New York City. The equity strategy
was launched in 2013 and is primarily focused on cyclical
industries.
Riposte Contact:
Jeremy Goodman
Head of
Business Development
+44 (0) 7788 567 913
jg@ripostecapital.com
Media Contact:
Ross
Lovern
212.521.4866
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content:https://www.prnewswire.com/news-releases/riposte-capital-issues-statement-in-support-of-kimmeridges-proposal-to-combine-kimmeridge-texas-gas-with-silverbow-resources-302095302.html
SOURCE Riposte Capital