Snowball Research
Snowball Research
Sub $5B US stocks research hub
⌘K
Subscribe Sign in
activistletters

BML Capital Urges ESSA Pharma (NASDAQ: EPIX) to Pursue Liquidation or Cash Return Amid Market Challenges

by Snowball Research Team

Summary

On April 24, 2025, BML Capital Management, which holds 9.5% of ESSA Pharma’s outstanding shares, sent a letter to the board supporting recent shareholder calls for a return of capital. BML advocates for a liquidation of the company as the most sensible option given current market conditions but is also open to alternatives that would rapidly return most of ESSA’s cash to shareholders, such as a company sale or a large special dividend.

April 24, 2025

Board of Directors

ESSA Pharma Inc.
999 West Broadway
Vancouver, British Columbia
Canada V5Z iK5

c/o Dr. David R. Parkinson, President and CEO

Dear Directors:

I am writing on behalf of BML Capital Management, LLC and BML Investment Partners L.P. (collectively BML), a holder of 9.5% of the outstanding shares of ESSA Pharma, Inc.

BML agrees with recent public suggestions by other large shareholders that a return of the company’s capital to shareholders via liquidation is a sensible course of action in today’s difficult market conditions. As such, BML would be supportive of such an action, or, in the absence of this, a similar transaction that would quickly return the majority of the company’s cash to shareholders, such as a sale of the company or a large special dividend.

Regards,

Braden M Leonard

Managing Member
BML Capital Management, LLC

Source:

https://www.sec.gov/Archives/edgar/data/1373604/000137360425000063/bmlletter.htm

Member discussion

More like this

Hartman Group Urges Shareholders to Oust Silver Star (SLVP) Board, Citing Legal Violations and Mismanagement

Summary On July 14, 2025, the Hartman Group issued a letter urging Silver Star shareholders to vote for their board

Value Base Fund Pressures Perion Network (PERI) Over Capital Allocation, Growth Strategy, and Executive Compensation

Summary Value Base Fund, in its final letter to Perion Network Ltd., welcomed the company’s decision to cancel its

AJP and Orbic Slam Sonim Technologies (SONM) Board for Rejecting Superior Buyout Offer, Urge Shareholders to Back Board Overhaul

Summary On July 9, 2025, AJP Holding and Orbic urged Sonim Technologies shareholders to vote for their independent nominees using

Hartman Group Urges Silver Star Properties (SLVS) Shareholders to Reject Illegal Proxy Calls, Pushes for Liquidation and Capital Return

Summary On July 9, 2025, the Hartman Group warned shareholders that Silver Star is illegally soliciting proxy votes despite SEC

Hartman Group Challenges Silver Star Properties (SLVS) Over Illegal Proxy Solicitation and Poison Pill Maneuver

Summary On July 8, 2025, the Hartman Group warned shareholders that Silver Star Properties is illegally soliciting proxy votes, despite

Hartman Group Accuses Silver Star Properties (SLVS) Board of Insider Enrichment, Urges Shareholders to Restore Accountability

Summary On July 7, 2025, the Hartman Group accused Silver Star Properties' board and executives of insider enrichment and