UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. )*
HILL INTERNATIONAL, INC.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
431466101
(CUSIP Number)
Petrus Securities, L.P.
P.O. Box 269014
Plano, Texas 75026-9014
(972) 535-1949
Attention: Jonathan S. Covin
with a copy to:
Taylor H. Wilson, Esq.
W. Scott Wallace, Esq.
Haynes and Boone, LLP
2323 Victory Avenue, Suite 700
Dallas, Texas 75219
(214) 651-5000
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
July 12, 2016
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. ¨
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.
* | The remainder of this cover page shall be filled out for a reporting persons initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. |
The information required on the remainder of this cover page shall not be deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended (Act), or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
CUSIP No. 431466101 |
1. | Names of Reporting Persons
Petrus Securities, L.P. | |||||
2. | Check the Appropriate Box if a Member of a Group (See Instructions) (a) x (b) ¨
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3. | SEC Use Only
| |||||
4. | Source of Funds (See Instructions)
WC | |||||
5. | Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) ¨
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6. | Citizenship or Place of Organization
Delaware | |||||
Number of Shares Beneficially Owned by Each Reporting Person With
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7. | Sole Voting Power
0 | ||||
8. | Shared Voting Power
2,587,768 | |||||
9. | Sole Dispositive Power
0 | |||||
10. | Shared Dispositive Power
2,587,768 | |||||
11. |
Aggregate Amount Beneficially Owned by Each Reporting Person
2,587,768 | |||||
12. | Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) ¨
| |||||
13. | Percent of Class Represented by Amount in Row (11)
5.0% | |||||
14. | Type of Reporting Person (See Instructions)
PN |
CUSIP No. 431466101 |
1. | Names of Reporting Persons
Petrus Capital Management, LLC | |||||
2. | Check the Appropriate Box if a Member of a Group (See Instructions) (a) x (b) ¨
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3. | SEC Use Only
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4. | Source of Funds (See Instructions)
AF | |||||
5. | Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) ¨
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6. | Citizenship or Place of Organization
Texas | |||||
Number of Shares Beneficially Owned by Each Reporting Person With
|
7. | Sole Voting Power
0 | ||||
8. | Shared Voting Power
2,587,768 | |||||
9. | Sole Dispositive Power
0 | |||||
10. | Shared Dispositive Power
2,587,768 | |||||
11. |
Aggregate Amount Beneficially Owned by Each Reporting Person
2,587,768 | |||||
12. | Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) ¨
| |||||
13. | Percent of Class Represented by Amount in Row (11)
5.0% | |||||
14. | Type of Reporting Person (See Instructions)
OO |
CUSIP No. 431466101 |
1. | Names of Reporting Persons
Petrus Trust Company, LTA | |||||
2. | Check the Appropriate Box if a Member of a Group (See Instructions) (a) x (b) ¨
| |||||
3. | SEC Use Only
| |||||
4. | Source of Funds (See Instructions)
AF | |||||
5. | Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) ¨
| |||||
6. | Citizenship or Place of Organization
Texas | |||||
Number of Shares Beneficially Owned by Each Reporting Person With
|
7. | Sole Voting Power
0 | ||||
8. | Shared Voting Power
2,587,768 | |||||
9. | Sole Dispositive Power
0 | |||||
10. | Shared Dispositive Power
2,587,768 | |||||
11. |
Aggregate Amount Beneficially Owned by Each Reporting Person
2,587,768 | |||||
12. | Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) ¨
| |||||
13. | Percent of Class Represented by Amount in Row (11)
5.0% | |||||
14. | Type of Reporting Person (See Instructions)
OO |
Item 1. Security and the Issuer
This statement on Schedule 13D (this Schedule 13D) relates to shares of common stock (the Common Stock) of Hill International, Inc., a Delaware corporation (the Issuer). The address of the principal executive office of the Issuer is One Commerce Square, 2005 Market Street, 17th Floor, Philadelphia, Pennsylvania 19103.
Item 2. Identity and Background
(a) This Schedule 13D is jointly filed by and on behalf of each of Petrus Securities, L.P., a Delaware limited partnership (Petrus Securities); Petrus Capital Management, LLC, a Texas limited liability company (Petrus Capital Management); and Petrus Trust Company, LTA, a Texas limited trust association (Petrus Trust Company). The Reporting Persons are filing this Schedule 13D jointly, and the agreement among the Reporting Persons to file jointly is attached hereto as Exhibit 99.1 and incorporated herein by reference (the Joint Filing Agreement). Petrus Securities is the direct beneficial owner of the securities covered by this statement. Petrus Capital Management is the general partner of Petrus Securities. Petrus Trust Company is investment manager to Petrus Securities and is the sole member of Petrus Capital Management.
Each of Petrus Capital Management and Petrus Trust Company declares that neither the filing of this Schedule 13D nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) or 13(g) of the Act, the beneficial owner of any securities covered by this Schedule 13D.
(b) The address of the principal business office of each of the Reporting Persons is P.O. Box 269014, Plano, Texas 75026-9014.
(c) The principal business of Petrus Securities is acquiring, holding and selling securities for investment purposes. The principal business of Petrus Capital Management is serving as general partner to investment partnerships, including Petrus Securities. The principal business of Petrus Trust Company is serving as a corporate trust company to various family trusts and as investment manager to various affiliated investment partnerships, including Petrus Securities.
(d) No Reporting Person has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e) No Reporting Person has, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction as a result of which such Reporting Person was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(f) The place of organization of each Reporting Person is listed in paragraph (a) of this Item 2.
Item 3. Source and Amount of Funds or other Consideration
Petrus Securities expended an aggregate of approximately $10,450,484 (including commissions) to acquire 2,587,768 shares of Common Stock of the Issuer in a registered public offering by the Issuer in 2014, and in various open market transactions. Funds used to acquire shares of Common Stock of the Issuer have come from general working capital of Petrus Securities.
Item 4. Purpose of Transaction
The Reporting Persons originally acquired shares of Common Stock of the Issuer for investment purposes as they believed that the Common Stock of the Issuer was undervalued. During a proxy contest relating to the Issuers 2015 Annual Meeting of Shareholders (the 2015 Proxy Contest), the Reporting Persons engaged in discussions with management of the Issuer and other shareholders of the Issuer regarding concerns over the Issuers performance and corporate governance. The Reporting Persons were able to reach an agreement with the Issuer to support the Board of Directors of the Issuer (the Board) in the 2015 Proxy Contest, with the hope that the addition of two new directors to the Board, as well as changes to the compensation committee of the Issuer, would address the Reporting Persons concerns.
Since such time, the Reporting Persons have been disappointed by the lack of progress regarding the Issuers financial performance and corporate governance, and believe that their message was not received or accepted, indicating that more change at the Board level is needed. Accordingly, Petrus Securities sent a letter dated July 19, 2016 (the Letter) to the Board discussing, among other things, its concerns about the Issuers financial performance, risky pursuit of growth and compensation practices, and its current intent to support the board nominees and proposals of Bulldog Investors, LLC (on behalf of Full Value Partners, L.P.) at the Issuers 2016 Annual Meeting of Shareholders scheduled to be held on Thursday, August 11, 2016, at 11:00 a.m. Eastern Time. The foregoing is qualified in its entirety by reference to the Letter, which is attached hereto as Exhibit 99.2 and incorporated by reference herein.
The Reporting Persons intend from time to time to review their investment in the Issuer on the basis of various factors, including the Issuers business, financial condition, results of operations and prospects, general economic and industry conditions, the securities markets in general and for shares of Common Stock of the Issuer in particular, as well as other developments and other investment opportunities. Based upon such review, the Reporting Persons will take such actions in the future as the Reporting Persons may deem appropriate in light of the circumstances existing from time to time, which may include further acquisitions of shares of Common Stock of the Issuer or disposal of some or all of the shares of Common Stock of the Issuer currently owned by the Reporting Persons or otherwise acquired by the Reporting Persons, either in the open market or in privately negotiated transactions.
In pursuing its investment purposes, the Reporting Persons plan to monitor the Issuers operations, prospects, business development, management, competitive and strategic matters, capital structure, and prevailing market conditions, as well as alternative investment opportunities, liquidity requirements of the Reporting Persons and other investment considerations. Consistent with their investment research methods and evaluation criteria, the Reporting Persons have in the past and may in the future discuss such matters with one or more shareholders, officers or directors of the Issuer, industry analysts, existing or potential strategic partners, investment and financing professionals, sources of credit and other investors. Such factors and discussions may materially affect, and result in, the Reporting Persons modifying their ownership of Common Stock of the Issuer, exchanging information with the Issuer pursuant to appropriate confidentiality or similar agreements, proposing changes in the Issuers operations, governance or capitalization, or in proposing one or more of the following actions: (a) the acquisition by the Reporting Persons of additional securities of the Issuer, or the disposition of securities of the Issuer; (b) an extraordinary corporate transaction, such as a merger, reorganization or liquidation, involving the Issuer or any of its subsidiaries; (c) a sale or transfer of a material amount of assets of the Issuer or any of its subsidiaries; (d) changes in the present board of directors or management of the Issuer; (e) a material change in the present capitalization or dividend policy of the Issuer; (f) any other material change in the Issuers business or corporate structure; (g) changes in the Issuers articles of incorporation, bylaws or instruments corresponding thereto or other actions which may impede the acquisition of control of the Issuer by any person; (h) causing any class of the Issuers securities to be delisted from a national securities exchange or to cease to be authorized to be quoted in an inter-dealer quotation system of a registered national securities association; (i) a class of equity securities of the Issuer becoming eligible for termination of registration pursuant to Section 12(g)(4) of the Act; or (j) any action similar to those enumerated above.
Except to the extent that the foregoing may be deemed to be a plan or proposal, none of the Reporting Persons currently has any plans or proposals that relate to or would result in any of the actions specified in clause (a) through (j) of Item 4 of Schedule 13D. The Reporting Persons reserve the right, based on all relevant factors and subject to applicable law, at any time and from time to time, to review or reconsider their position, change their purpose, take other actions (including actions that could involve one or more of the types of transactions or have one or more of the results described in paragraphs (a) through (j) of Item 4 of Schedule 13D) or formulate and implement plans or proposals with respect to any of the foregoing.
Item 5. Interest in Securities of the Issuer
(a) The aggregate number and percentage of the class of securities identified pursuant to Item 1 beneficially owned by each Reporting Person are stated in Items 11 and 13 on the cover page(s) hereto.
Each of Petrus Capital Management and Petrus Trust Company declares that neither the filing of this Schedule 13D nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) or 13(g) of the Act or any other purpose, the beneficial owner of any securities covered by this Schedule 13D.
Each Reporting Person may be deemed to be a member of a group comprised of the Reporting Persons with respect to the Issuer or securities of the Issuer for the purposes of Section 13(d) or 13(g) of the Act. Each Reporting Person declares that neither the filing of this Schedule 13D nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) or 13(g) of the Act or any other purpose, (i) acting (or has agreed or is agreeing to act) with any other person as a partnership, limited partnership, syndicate or other group for the purpose of acquiring, holding or disposing of securities of the Issuer or otherwise with respect to the Issuer or any securities of the Issuer or (ii) a member of any syndicate or group with respect to the Issuer or any securities of the Issuer.
(b) Number of shares as to which each Reporting Person has:
(i) | sole power to vote or to direct the vote: |
See Item 7 on the cover page(s) hereto.
(ii) | shared power to vote or to direct the vote: |
See Item 8 on the cover page(s) hereto.
(iii) | sole power to dispose or to direct the disposition of: |
See Item 9 on the cover page(s) hereto.
(iv) | shared power to dispose or to direct the disposition of: |
See Item 10 on the cover page(s) hereto.
Petrus Securities is the direct beneficial owner of the securities covered by this Schedule 13D. Petrus Securities has the power to vote or to direct the vote of (and the power to dispose or direct the disposition of) the shares of Common Stock of the Issuer owned by it.
As general partner of Petrus Securities, Petrus Capital Management may be deemed to have the power to vote or to direct the vote of (and the power to dispose or direct the disposition of) any shares of Common Stock of the Issuer beneficially owned by Petrus Securities. Petrus Capital Management does not own any shares of Common Stock of the Issuer directly and disclaims beneficial ownership of any shares of Common Stock of the Issuer beneficially owned by Petrus Securities.
As investment manager to Petrus Securities, Petrus Trust Company may be deemed to have the power to vote or to direct the vote of (and the power to dispose or direct the disposition of) any shares of Common Stock of the Issuer beneficially owned by Petrus Securities. Petrus Trust Company does not own any shares of Common Stock of the Issuer directly and Petrus Trust Company disclaims beneficial ownership of any shares of Common Stock of the Issuer beneficially owned by Petrus Securities.
As of the date hereof, no Reporting Person owns any shares of Common Stock of the Issuer other than as set forth in this Item 5.
(c) Transactions in the class of securities reported on that were effected during the past sixty days or since the most recent filing of Schedule 13D, whichever is less, by the Reporting Persons are described below:
Transaction Date |
Effecting Person(s) |
Shares Acquired |
Shares Disposed |
Price Per Share |
Description of Transaction |
|||||||||||
07/11/2016 |
Petrus Securities, L.P. | 8,802 | $ | 4.4950 (1) | Open Market Transaction | |||||||||||
07/12/2016 |
Petrus Securities, L.P. | 9,198 | $ | 4.5259 (1) | Open Market Transaction |
(1) Including commissions.
(d) Not applicable.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer
On or around October 8, 2014, an affiliate of the Reporting Persons, Petrus Yield Opportunity Fund LP, purchased $14,000,000 in principal amount of a $120 million term loan made to the Issuer pursuant to the Credit Agreement, dated as of September 26, 2014, among the Issuer, the lender parties thereto, and Société Générale, as Administrative Agent.
Except as otherwise described herein, in the Joint Filing Agreement attached hereto as Exhibit 99.1, or in the Letter attached hereto as Exhibit 99.2, no Reporting Person has any contract, arrangement, understanding or relationship with any person with respect to the Common Stock of the Issuer or any other securities of the Issuer.
Item 7. Material to be Filed as Exhibits
The following exhibits are filed as exhibits hereto:
Exhibit |
Description of Exhibit | |
99.1 | Joint Filing Agreement (filed herewith) | |
99.2 | Letter to the Board of Directors of Hill International, Inc. from Petrus Securities, L.P. (filed herewith) |
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Date: July 19, 2016
PETRUS SECURITIES, L.P. | ||
By: | /s/ Steven Blasnik | |
Name: | Steven Blasnik | |
Title: | President | |
PETRUS CAPITAL MANAGEMENT, LLC | ||
By: | /s/ Steven Blasnik | |
Name: | Steven Blasnik | |
Title: | President | |
PETRUS TRUST COMPANY, LTA | ||
By: | /s/ Steven Blasnik | |
Name: | Steven Blasnik | |
Title: | Vice President |
EXHIBIT INDEX
Exhibit |
Description of Exhibit | |
99.1 | Joint Filing Agreement (filed herewith) | |
99.2 | Letter to the Board of Directors of Hill International, Inc. from Petrus Securities, L.P. (filed herewith) |
EXHIBIT 99.1
JOINT FILING AGREEMENT
July 19, 2016
Pursuant to and in accordance with the Securities Exchange Act of 1934, as amended (the Exchange Act), and the rules and regulations thereunder, each party hereto hereby agrees to the joint filing, on behalf of each of them, of any filing required by such party under Section 13 or Section 16 of the Exchange Act or any rule or regulation thereunder (including any amendment, restatement, supplement, and/or exhibit thereto) with the Securities and Exchange Commission (and, if such security is registered on a national securities exchange, also with the exchange), and further agrees to the filing, furnishing, and/or incorporation by reference of this agreement as an exhibit thereto. This agreement shall remain in full force and effect until revoked by any party hereto in a signed writing provided to each other party hereto, and then only with respect to such revoking party.
IN WITNESS WHEREOF, each party hereto, being duly authorized, has caused this agreement to be executed and effective as of the date first written above.
Date: July 19, 2016
PETRUS SECURITIES, L.P. | ||
By: |
/s/ Steven Blasnik | |
Name: | Steven Blasnik | |
Title: | President | |
PETRUS CAPITAL MANAGEMENT, LLC | ||
By: |
/s/ Steven Blasnik | |
Name: | Steven Blasnik | |
Title: | President | |
PETRUS TRUST COMPANY, LTA | ||
By: |
/s/ Steven Blasnik | |
Name: | Steven Blasnik | |
Title: | Vice President |
Exhibit 99.2
PETRUS SECURITIES, L.P.
2300 West Plano Parkway
Plano, Texas 75075
(972) 535-1900
Fax: (972) 767-1496
July 19, 2016
Board of Directors
Hill International, Inc.
c/o William H. Dengler, Jr., Corporate Secretary
One Commerce Square
2005 Market Street
17th Floor
Philadelphia, PA 19103
Ladies and Gentlemen,
Petrus Securities, L.P. (Petrus), one of the largest shareholders of Hill International, Inc. (Hill) with a 5% stake, intends, at the Hill 2016 Annual Meeting, to vote for the board nominees and proposals supported by Bulldog Investors, LLC as soliciting shareholder for Full Value Partners, L.P. (Full Value). This letter will explain the course of events that has brought us to this decision.
We are passivists not activists. Petrus has never before felt a need to send a letter like this one. Our goal is to be a long-term investor in quality businesses that are operated by capable, shareholder-oriented managers. We particularly like to invest in such businesses when they are suffering from temporary headwinds. In the case of Hill, headwinds arrived in 2014, when the company had to quickly find new lenders and complete an equity offering in difficult market conditions. Petrus stepped in and helped complete those transactions, including signing up for more than 20% of the equity offering. We have been shareholders since then.
Last summer, we were contacted by Hills CEO, David Richter, and by a dissident shareholder in connection with the 2015 proxy contest. We faced a conflict between our general wariness of activists who may not represent the interests of long-term investors like us, and our specific concerns about performance and governance at Hill. We spoke informally with a few other shareholders and learned that they had similar concerns (detailed later in this letter). We informed David Richter that we could not vote to support the status quo. Days before the vote, Mr. Richter proposed an alternative: we vote against the two dissident nominees and the Company would voluntarily add a new director to be identified by Petrus and a new director to be identified by another large shareholder. At the time, we believed that highly capable new directors, added via a consensual process, could be more effective change agents than the dissident nominees. Given our concerns about compensation decisions made by incumbent directors, however, we insisted that the new directors serve on the compensation committee, which had three members. If compensation drives behavior, we wanted strong, experienced, business executives driving compensation.
Relying on Mr. Richter and the boards commitment, Petrus voted for the company nominees last August. We understand that two other large shareholders, representing approximately 12% of the outstanding shares, took similar actions. These votes represented more than the margin of decision: but for the last-minute support, both of the incumbent directors would have been defeated and replaced. Subsequently, we and the other large shareholder each recruited a highly skilled executive who joined the board. Both new directors have experience leading services businesses larger and far more profitable than Hill.
Despite the injection of fresh blood, we have been disappointed by the lack of progress on the concerns described below. It appears that management considers shareholders a nuisance like quacking ducks that should be fed just enough to shut them up. For example, when we talked with the CEO last summer, the compensation committee had three members and we insisted that the new directors occupy two of the seats. Every outside shareholder we had spoken with believed that the incumbent members of that committee had failed to represent the interests of non-management shareholders. To our surprise, after the two new directors joined the Board, the Company decided to expand the committee to five seats, ensuring that the prior members could block changes. This was not our understanding last summer, but, more importantly, it reflects a disconnect between management and the will of most shareholders. The shareholder message of last summer was not received or accepted, indicating that more change at the Board level is needed.
Our concerns and issues with Hill include the following:
1. Financial Performance. Hill first became a public company in 2006. It has reported public results for ten years: 2006 2015. For those ten years in aggregate Hill has lost money, with a cumulative reported GAAP net loss of $4 million. Hill is in a fee for services business; it is not a biotech working on a cancer cure. Services businesses should be profitable almost every year, and certainly every decade. For comparison, every other company in Hills self-selected peer group of companies from the last two proxy statements has generated profits over the same period. We abhor short-term thinking in business, but it is hard to excuse a service business that cannot make money over the course of a decade. Not surprisingly, Hills stock price plummeted almost 40% from where it began trading publicly in 2006 (and more than 80% from its all-time high) through March 10, 2016, the date of the filing of the Full Value materials.
2. Pursuit of Growth that Brings Huge Risks and No Profits. Hills consulting fee revenues have grown, increasing from $63 million in 2004 to $631 million in 2015. As noted above, this growth has come without profits. Growth has, however, come with large risks. In pursuit of growth, Hill has taken on more and more work in unstable regions like the Middle East and Africa. Over the same period, MEA revenue increased from 21% of consulting fee revenue to 53%. Companies that operate in those regions know that it is easier to book business than to get paid. That has certainly been the experience of Hill. First, the company was forced to restate its financial reports and recognize large losses last fall as a result of its operations in Libya. Then, on March 7th, 2016, the Company surprised the market with another announcement of problems with its reporting of accounts receivable.
3. Compensation. It has been difficult to detect any culture of pay-for-performance at Hill. During Hills ten years reported as a public company (2006-2015), while shareholders endured losses, Hill paid the current CEO and his father, the current Chairman Irvin Richter, $40 million. Strike one. When Irvin Richter stepped down as CEO at the end of 2014, the Board awarded him a five-year contract that requires no specified amount of work and no actual services. (In fact, fewer than three months after signing the lucrative new contract, Irvin Richter became the CEO of another public company, apparently without perceiving any need to even inform the Hill board!) This contract for nothing will cost Hill more than $8 million over its five-year term. Strike two. Then the Board also decided to pay Irvin Richter an additional $1,175,512 because he claimed that he hadnt used his allotted vacation time. This despite the fact that Mr. Richter had a second home in Florida, far from Hills less sunny headquarters in New Jersey. Strike three.
In conclusion, we have been disappointed with the performance and governance of the Company. We believe that there are many steps that could be taken to increase long-term value. The existing Board and management, however, show no inclination to take those steps. After we purchased our initial shares in 2014, we went to visit the Company in New Jersey. At our meeting, we asked David Richter whether it made sense for Hill to be a public company in light of its modest market capitalization and the high costs of being public. He responded that he wanted to stay public because (a) his family could not afford to buy out the other 75% of the Company; and (b) if a private equity investor took Hill private, then he would have a boss. After ten long years of losing money while paying even more money to the Richters, we respectfully suggest that the CEO of this Company needs a boss, in the form of a truly independent Board that represents all shareholders. We therefore intend to vote for the nominees and proposals from Full Value.
We would welcome the opportunity to discuss these matters with members of the Board. We all know that Hill can and should be better.
Sincerely, |
/s/ Steven Blasnik |
Petrus Securities, L.P. |
By: Steven Blasnik, President |