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News Breaks | | | | March 4, 2013 | | 18:26 EDT |  | ZOLT | Quinpario Partners discloses group ownership of 10.13% in Zoltek
Quinpario Partners announced the formation of a group consisting of highly competent and reputable investors and director candidates with respect to Quinpario's investment in Zoltek Companies (ZOLT). The Quinpario Group disclosed in a Schedule 13D filing with the SEC aggregate ownership of approximately 10.13% of Zoltek's outstanding shares, making the Quinpario Group the Company's largest unaffiliated common shareholder. Quinpario also announced it has delivered a letter to the company's Chairman and CEO, Zsolt Rumy, with a copy to the company's board of directors. Quinpario stated in the letter that its substantial investment in Zoltek is based upon Quinpario's analysis of the carbon fiber industry, generally, and Zoltek, specifically, which has confirmed that the company has exceptional technology, product offerings and a strong customer base in the wind and aircraft brake markets, but has yet to realize the full potential consistent with its strong technical capabilities. As such, Quinpario believes that an opportunity exists to dramatically improve Zoltek's operational performance, unlock Zoltek's significant growth potential and enhance shareholder value. Quinpario also disclosed that it had made a proposal to Mr. Rumy regarding two strategic alternatives to enhance shareholder value, but received a response from the company's legal counsel indicating that the company was unwilling to engage with Quinpario. Quinpario enclosed with its letter to Mr. Rumy a copy of a presentation that candidly details Zoltek's commercial and financial underperformance and highlights the opportunities that exist to unlock significant value for the benefit of all shareholders.Reference Link | |
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