Activist Investor Baker Street Capital Calls for Board Change and New Strategic Direction at Swift Energy
The Wall Street Journal, The Deal, The Houston Chronicle, Seeking Alpha, Barron's and other industry and local media sources reported that Olshan client, Baker Street Capital, revealed a 9.99% stake in Houston-based oil and gas company, Swift Energy, and sent a letter to its Board of Directors. In the letter, Baker Street suggested that the Company immediately (i) add at least three shareholder representatives to the Board, (ii) cease all acreage acquisitions until the Company’s financial position and operational performance have been effectively addressed and evaluate low risk strategies to improve shareholder value, and (iii) immediately hire a top tier investment banker to evaluate strategic alternatives for the entire Company. Steve Wolosky and Ryan Nebel represent Baker Street Capital.
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