Dalius - Special Sits on X
A surprising development at $RGS Five of its six directors failed to secure majority support at the Oct 28 annual meeting, with Bill Charters being the only exception. Shareholders also rejected the executive compensation proposal. As a reminder, Bill Charters is the founder of Sabal Capital Management, a fund focused on special situations and restructurings. He was part of the 2024 activist group, joined the board in April 2026 and currently owns ~4% of RGS. There had been nothing to suggest he was pushing for another board shakeup. The five directors have now offered their resignations, but with no alternative slate on the table, the board itself will decide whether to accept them or keep everyone in place. Andrew Alfano, one of the five, was appointed chairman just one day after the vote, which suggests they are staying put. Alfano has said he will speak with shareholders to understand what prompted the vote, so we may get more clarity soon. My suspicion is that investors are becoming increasingly skeptical about the prospects of refinancing the debt, especially as the process keeps dragging on. Any thoughts here?
