MEQUON, Wis., Jan. 9, 2019 /PRNewswire/ -- Activist investor Global Value Investment Corp. (GVIC) has delivered an open letter to the Chairman of the Board of Directors of Bristow Group Inc. (NYSE: BRS) expressing objections to the proposed financing of Bristow's planned acquisition of Columbia Helicopters, Inc. This letter can be viewed by visiting GVIC's website: https://www.gvi-corp.com/category/press-releases/.
Under the proposed financing, GVIC estimates that between 33.0 million and 33.5 million shares of Bristow's common stock will be issued in order to consummate the Columbia acquisition. Compared to Bristow's November 2, 2018 outstanding share count of 35.8 million, this represents dilution of approximately 93%. GVIC believes that any benefits that may result from the Columbia acquisition are greatly outweighed by this dilution.
GVIC believes that Bristow's common stock trades at a steep discount to the company's intrinsic value, and that several strategic alternatives exist to unlock shareholder value. GVIC is prepared to work collaboratively with Bristow's Board of Directors and other shareholders to advance such alternatives. Otherwise, GVIC is prepared to take all actions it deems necessary to ensure shareholders' interests are fully considered and protected.
About Global Value Investment Corp.
Global Value Investment Corp. is a value-oriented investment research and advisory firm focused on investing in the equity and debt of publicly traded companies around the world. The firm was founded in 2007 in Mequon, WI, and has since opened additional offices in Boston, MA, Charleston, SC and Hyderabad, India.
SOURCE Global Value Investment Corp.