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Ancora Advisors LLC: Activist Profile

Ancora delivers personalized services in private wealth, asset management, insurance, and retirement plans with a client-focused approach. Viewing clients as family, the firm provides access to sophisticated financial strategies tailored to individuals, families, institutions, non-profits, and businesses. Ancora’s holistic investment and planning solutions are designed to align with client objectives, support their legacy, and help them achieve more in life.


John Micklitsch, CFA, CAIA

John Micklitsch joined Ancora in 2006 and serves as President and Chief Investment Officer, managing multi-asset class accounts for high-net-worth and institutional clients. Previously, he led the small-cap value strategy at Allegiant Asset Management, overseeing over $1 billion in assets. He also held roles at Fifth Third Asset Management, managing small and micro-cap stocks, and at Robert E. Torray & Company, where he was an analyst and head trader for a $5 billion large-cap value strategy. John holds a B.A. from Duke University, an MBA from Johns Hopkins University, and the CFA® and CAIA designations. He serves on the boards of Biltmore Trust and Baldwin Wallace University and sits on the investment committees of United Way of Greater Cleveland and Bluecoats Inc.


David Sowerby

David Sowerby joined Ancora in 2017 and serves on the Executive Committee, managing individual and institutional accounts and co-managing the firm’s Dividend Value Equity strategy and mutual fund. Previously, he was a Portfolio Manager at Loomis, Sayles & Company, working on asset allocation strategies and multi-product portfolios. Earlier roles include Senior Portfolio Manager at Beacon Investment Management and Economist at Comerica Bank. David is an Investment Committee Member for the City of Detroit General Employee’s Retirement System and a Director for the State of Michigan Chamber of Commerce. He has chaired investment committees for Michigan’s $60B pension fund and Beaumont Hospitals. A frequent guest on Bloomberg and investment conferences, David holds a B.A. and M.A. in Economics from Wayne State University, where he received the Distinguished Corporate Citizen Award in 2002 and 2007. He is a CFA® charterholder and FINRA registered representative.


Letters & Presentations


Active 13D Positions

Stock

Company name

Sector

% of Portfolio

Link

GPRE

Green Plains Inc

ENERGY

1.4%

MBCN

Middlefield Banc Corp

FINANCE

0.0%

RVSB

Riverview Bancorp Inc

FINANCE

0.0%

AP

Ampco-Pittsburgh Corp

INDUSTRIALS

0.1%

FWRD

Forward Air Corp

TRANSPORTS

0.9%


Past Activist

Big Lots, Inc (BIG)

On March 6, 2020, Macellum Advisors and Ancora Advisors (together 11%) nominated nine candidates for election to the Board at 2020 AGM. On April 22, 2020, Macellum Advisors and Ancora Advisors entered into a settlement agreement with the company and pursuant to it, the company agreed to increase the size of its Board from nine (9) to eleven (11) and to appoint each of Andrew Clarke and Aaron Goldstein (the Investor Group Designees) to fill the vacancies created as a result of such expansion with terms expiring at the 2020 AGM. 


Edgewater Technology Inc (EDGW)

Ancora Advisors disclosed a 5.46% stake in Edgewater on April 29, 2016, expressing belief in the company's undervaluation and intent to pursue board changes if no sale occurred. At the June 15, 2016 AGM, all incumbent directors were re-elected. By December 5, 2016, Ancora (8.55%) requested replacing four directors, launching a consent solicitation on December 22 and seeking shareholder support. Between January and February 2017, Ancora issued multiple communications, including investor presentations, letters, and a press release citing ISS's support for board changes. On February 16, 2017, Ancora secured shareholder consents to replace four directors, who were formally removed on February 23, 2017, with Ancora nominees appointed to the board. On March 8, 2017, Ancora increased its stake to 11.46%.


Hill International, Inc. (HIL)

On September 12, 2018, Ancora (6.5%) reached an agreement with the company to nominate Mr. James M. Chadwick to the Board


J. Alexander's Holdings, Inc (JAX)

On March 12, 2019, Ancora Advisors disclosed a 9.72% stake in J. Alexander’s and outlined operational and strategic opportunities to maximize shareholder value. By April 8, 2019 (8.59% stake), Ancora proposed acquiring the company for $11.75 per share, citing concerns about TSR, governance issues, and a lack of scale. On April 17, 2019, Ancora reiterated its proposal, urging the Board to initiate a sales process or face a withhold campaign. Ancora filed proxy materials on May 14, 2019, urging shareholders to withhold votes from Board nominees Timothy Janszen and Ronald Maggard. ISS, Glass Lewis, and Egan-Jones recommended support for Ancora's campaign, and at the June 20, 2019 AGM, Janszen and Maggard received over 61% and 69% withheld votes, respectively. Ancora urged the company to explore strategic alternatives. On April 20, 2020, Ancora (8.97%) reached a cooperation agreement, resulting in Board expansion and the appointment of Carl J. Grassi. On July 2, 2021, the company announced a merger agreement with SPB Hospitality LLC for $220 million. Ancora (7.5%) supported the merger on July 7, 2021.


MutualFirst Financial, Inc (MFSF)

On February 4, 2015, Ancora Advisors nominated two candidates to the board but withdrew its nomination on March 9, 2015, after reaching an arrangement with the company. On May 22, 2015, Ancora (5.09% stake) encouraged the bank to pursue a merger with a larger, well-capitalized partner, believing it would significantly increase valuation and dividend yield. On March 2, 2018, Ancora increased its stake to 7.22% and announced plans to engage with management.


Solitron Devices Inc (SODI)

In March 2013, Ancora Advisors disclosed a 5.07% stake, urging the company to declare a special dividend, outline acquisition plans, and appoint an outside shareholder representative. By June 2013, Ancora (6.51%) proposed a $2 per share special dividend or a share repurchase via a tender offer at no less than $5.50, warning it might seek a shareholder-majority board if these actions weren’t pursued. On July 16, 2015, Ancora reduced its stake to 4.7%.


Wayne Savings Bancshares, Inc (WAYN)

On December 12, 2017, Ancora Advisors (5.88%) disclosed that on November 21, 2017, the company entered into an agreement with Ancora Advisors and pursuant to it, the company appointed Brian Hopkins, principal of Ancora Advisors, to the Board.


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