And that in my opinion, my friends, led to today’s resignation of founder and Board Chairman Patrick Allin. [UPDATED: The stock has come back a bit — it is now off only about 6 per cent on the day.]
It would seem clear that he opposes the sale or strategic transaction plan advocated by the 18 per cent holders. I invite his direct comment here, if he does not oppose that plan. The most recent company-signed SEC filings make no mention of that Northwater intent, whatsover — in risk factors or elsewhere, it would seem.
So the board and he mutually agreed not to extend the transition agreement previously signed — beyond New Year’s Eve 2015.
Specifically, this is what the 18 per cent holder advocated:
…On May 29, 2015, Northwater, on behalf of the Reporting Persons who collectively are the Company’s largest shareholders, sent to the Textura board of directors (the”Board”) a letter advocating for the Board to explore a strategic sale of the Company. The letter states Northwater’s belief that the Company has become an outstanding platform technology with proprietary technology, network effects, economies of scale and branding and expresses Northwater’s support for David Habiger, the Company’s interim Chief Executive Officer, as the Company’s permanent Chief Executive Officer. The letter also states that despite Northwater’s confidence in the Company’s leadership and growth story, the risks associated with being a second tier systems player in a market dominated by giants and the risk of being concentrated in one industry will mean the Company will not receive the valuation Northwater believes to be appropriate for a firm of this quality. Accordingly, the letter states Northwater’s belief that the Board should explore strategic alternatives, including the sale of the Company….
So — that leaves us with a question — as Textura falls over 11 per cent on the NASDAQ, on the news, today: What will this holder do now?
OTOH, it may well mean that a deal is in the works. We shall see.
We will keep you apprised.