ETFS資本因策略分歧加大對WisdomTree的壓力硬幣揚聲器

WisdomTree's Battle with Activist Investor: A Clash of Strategies

WisdomTree 與維權投資者的鬥爭：策略衝突

ETFS Capital, an activist investor with a 10% stake in WisdomTree, has taken its campaign directly to shareholders after the asset manager publicly rejected its proposals.

ETFS Capital 是一家積極投資者，擁有 WisdomTree 10% 的股份，在資產管理公司公開拒絕其提議後，ETFS Capital 直接向股東發起了行動。

Is WisdomTree's Strategy Misaligned with Shareholder Value?

WisdomTree 的策略是否與股東價值不一致？

ETFS Capital contends that WisdomTree's operational decisions, including resource allocation and the foray into decentralized finance, have not maximized returns for investors. The firm believes that optimizing these strategies could boost the stock's valuation by 70% to $15.50 per share, despite a 32% year-to-date appreciation as of March 21, 2024.

ETFS Capital 認為，WisdomTree 的營運決策，包括資源分配和進軍去中心化金融，並未為投資者帶來最大化回報。該公司認為，優化這些策略可能會使該股的估值提高 70%，達到每股 15.50 美元，儘管截至 2024 年 3 月 21 日，該股今年迄今已升值 32%。

Activist Investor Seeks Shareholder Support

維權投資者尋求股東支持

Despite the public rejection of its proposals, ETFS Capital is now seeking support from WisdomTree's broader shareholder base. The firm is urging investors to "withhold" their votes from certain board members at the upcoming annual meeting, a move designed to highlight shareholder dissatisfaction and pressure the board to reconsider its direction.

儘管其提議遭到公開拒絕，ETFS Capital 目前正在尋求 WisdomTree 更廣泛的股東基礎的支持。該公司敦促投資者在即將舉行的年度會議上「保留」某些董事會成員的投票，此舉旨在凸顯股東的不滿並迫使董事會重新考慮其方向。

Can ETFS Capital Sway Shareholder Opinion?

ETFS 資本能否左右股東的意見？

ETFS Capital has a history of influencing WisdomTree's board dynamics, having successfully elected two candidates in 2023. As the annual meeting approaches, the focus shifts to the reactions of other investors to ETFS Capital's plea for action.

ETFS Capital 有著影響 WisdomTree 董事會動態的歷史，曾在 2023 年成功選出兩名候選人。隨著年會的臨近，焦點轉向其他投資者對 ETFS Capital 呼籲採取行動的反應。

Implications for WisdomTree's Future

對 WisdomTree 未來的影響

The public disagreement between ETFS Capital and WisdomTree underscores the potential for significant ramifications for the asset manager's future trajectory and leadership composition. Investors will be closely watching the outcome of the annual meeting and the response from other shareholders to gauge the level of support for ETFS Capital's proposals.

ETFS Capital 和 WisdomTree 之間的公開分歧凸顯了這家資產管理公司未來發展軌跡和領導層組成可能產生重大影響的可能性。投資者將密切關注年會的結果以及其他股東的反應，以衡量對 ETFS Capital 提案的支持程度。

ETFS Capital's Chairman Makes Case for Change

ETFS Capital 董事長提出變革理由

In a March 21st letter, ETFS Capital's chairman, Graham Tuckwell, outlined the firm's concerns and the reasons for its "withhold" campaign. Tuckwell stated that private communication efforts with WisdomTree's management had been unsuccessful and that the firm's February proposal, which included exploring strategic options and returning capital to shareholders, had been rejected.

在 3 月 21 日的一封信中，ETFS Capital 董事長 Graham Tuckwell 概述了該公司的擔憂以及「扣留」行動的原因。 Tuckwell 表示，與 WisdomTree 管理層的私下溝通努力並不成功，該公司 2 月的提案（包括探索策略選擇和向股東返還資本）已被拒絕。

ETFS Capital's Proposals

ETFS Capital 的建議

ETFS Capital's February proposal included:

ETFS Capital 2 月的提案包括：

• Engaging an investment bank to explore strategic options
• Returning capital to shareholders
• Replacing certain executives

WisdomTree publicly rejected these suggestions in February 2024.

聘請投行探索策略選擇向股東返還資本更換部分高階主管WisdomTree於2024年2月公開拒絕了這些建議。

ETFS Capital's Record of Influence

ETFS Capital 的影響力記錄

ETFS Capital has a track record of shaping WisdomTree's board dynamics. In 2023, the firm successfully facilitated the election of two candidates to the board, demonstrating its ability to influence shareholder perspectives.

ETFS Capital 在塑造 WisdomTree 董事會動態方面有著良好的記錄。 2023年，該公司成功促成了兩名董事會候選人的選舉，展現了其影響股東觀點的能力。

Shareholders Face Key Decision

股東面臨關鍵決策

With the annual meeting on the horizon, shareholders face a key decision on whether to support ETFS Capital's "withhold" campaign. The outcome of the meeting will provide insight into the level of support for ETFS Capital's proposals and the potential for a shakeup in WisdomTree's leadership.

年會即將召開，股東們面臨是否支持 ETFS Capital 的「扣留」行動的關鍵決定。會議的結果將深入了解 ETFS Capital 提案的支持程度以及 WisdomTree 領導層改組的可能性。