Greywood Investments, an investment firm with a significant stake in the publicly traded esports and gaming media company Enthusiast Gaming, announced a campaign to replace Enthusiast’s CEO and board members Tuesday.
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Enthusiast Gaming faces CEO, board challenge from investment firm Greywood – The Washington Post
Toronto-based Enthusiast Gaming owns a number of video game focused publications and brands, including Destructoid, Upcomer and Addicting Games. The esports organization Luminosity Gaming, which fields rosters in the Overwatch and Call of Duty esports leagues as well as in “Valorant,” is also a subsidiary of Enthusiast. On its website, the company boasts that it reaches an audience of over 300 million gamers each month. The company’s share price dropped below $2 Tuesday.
In a letter addressed to Enthusiast’s board of directors, which includes NFL cornerback Richard Sherman, Greywood’s representatives expressed disappointment in the company’s declining fortunes.
“The frustrating part for shareholders is that the Company does in fact possess extremely talented personnel developing and/or implementing notable strategies,” reads Greywood’s letter. “We believe Enthusiast should have a market value of US$1-2 billion, not the anemic US$250-300 million market value under the current leadership.”
Enthusiast Gaming did not immediately respond to a request for comment.
In their letter, Greywood identifies itself as the largest shareholder in Enthusiast, having acquired approximately 9.3 percent of the company’s outstanding shares at the cost of over $30 million. Greywood’s website describes the firm as one that “seeks to work constructively with portfolio companies and other stakeholders to actively support and assist management in developing and realizing the company’s full potential.”
Last fall, according to the letter, the firm reached out to Enthusiast to express “grave concerns” about the company’s direction; in response, the firm said it received “a terse, generic, disingenuous and dismissive email.”
Across the first five months of 2022, Greywood acquired increasingly large stakes in Enthusiast. In January, the firm made two filings with the Securities and Exchange Commission marking that it had acquired 7 percent of total shares, then bumping that stake up to 8 percent just weeks later. In those filings, Greywood describes itself as an investment manager for a company called Vantage Trading, which holds the vast majority of Greywood’s 9.3 percent stake in Enthusiast.
In the letter, the group outlines an “Upgrade Enthusiast” campaign, the primary pillar of which is to replace Adrian Montgomery, the company’s current CEO. Greywood also notes its intention to nominate a selection of “highly qualified and interested” candidates at a shareholder meeting in June.
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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press. All rights reserved.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press. All rights reserved.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press. All rights reserved.
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