Jun. 10 at 8:48 PM
$BHR $AINC Blackwells Capital issues presentation to Braemar Hotels & Resorts shareholders
Blackwells Capital, a shareholder of Braemar Hotels & Resorts (BHR), released a presentation titled, "The Continued Buffoonery of Monty Bennett." Additionally, Blackwells announced that independent shareholders of Braemar are speaking out and concurring with Blackwells' campaign aims: to terminate the egregious external management agreement with Ashford Inc. (AINC) and to reconstitute Braemar's entrenched board. Brancous LP1, a Braemar shareholder, wrote to Blackwells. Brancous wrote: "we share Blackwells' concerns..." and that "[t]he reappointment of Monty Bennett and Kamal Jafarnia by Ashford Hospitality board...reinforces our concerns about the governance integrity of Braemar."
Brancous further commented on "the lackluster performance under the current board's leadership" and stated that "it's troubling to see board members enriching themselves at the expense of shareholder value." In addition, Braemar's second largest shareholder recently disclosed a June 3 email that it sent to Monty Bennett. The email calls for the termination of the external management agreement with Ashford and for the replacement of members of the board.
Jason Aintabi, chief investment officer of Blackwells, said: "We are not surprised to see other shareholders speaking out. We are only surprised that Monty Bennett has remained in his position as long as he has. He may have his conflicted board to thank for that, but both he and they are facing a ticking clock until independent, qualified individuals make their way onto the Board so Braemar can return value to its rightful owners once and for all. It's time to put Monty's Advisory Agreement where it belongs: in the trash can."
