Activist investor IBS Turnaround Fund sent a letter to Atlas Mining management on Dec. 12 explaining that “governance changes need to be made” at the company. It wants Atlas Mining to expand its board from three to five and for two independent directors to be nominated. If Atlas Mining wants, IBS Turnaround has two recommendations for independent directors, the letter states. According to the filing, Atlas Mining is listening. “Subsequent to sending the letter, IBS had conversations with the CEO of the company regarding IBS' recommendations. The CEO has indicated to IBS that he agrees with IBS' recommendations and would pursue the matter with the board of directors,” the filing reported.
IBS Turnaround on Thursday reported owning an 11.6% stake in the Kellogg, Idaho-based company. Atlas Mining has a $41.7 million stock market capitalization. — Ron Orol
See Schedule 13D filing via SEC Edgar
Ron Orol is a Washington-based reporter for The Deal and author of Extreme Value Hedging: How Activist Hedge Fund Managers Are Taking on the World.
