Corvex Management Advises Kindred Group PLC of 15% Ownership and Plan to Participate on Nomination Committee

NEW YORK–(BUSINESS WIRE)–On August 10, 2022, Corvex Management LP sent the following letter to the Board of Directors of Kindred Group PLC (Nasdaq Stockholm: KIND-SDB):

Dear Members of the Board:

We are writing to notify the Board that funds advised by Corvex Management LP (“Corvex”) currently own 34,522,588 shares of Kindred Group PLC (the “Company”) representing over 15% of the outstanding shares, and making us your largest shareholder. Corvex will be promptly filing a European Securities and Markets Authority (ESMA) Major Holdings Notification reporting such ownership.

We are excited to be a significant investor in the Company and believe that Kindred is worth substantially more than the value implied by the current trading price for Kindred’s shares.

As Kindred’s largest shareholder, we intend to formally express our interest in participating in the Nomination Committee, which we understand will be formed at or shortly after the end of August.

We look forward to working on the newly comprised Nomination Committee with representatives of Kindred’s other largest shareholders and Kindred Chairman Evert Carlsson. In our view, the committee should seek to nominate directors with a mandate to maximize long-term, risk-adjusted value for all Kindred shareholders.

As stated in our May 4th press release, we continue to believe Kindred should study all potential strategic alternatives, including a sale of the Company. A Board that is fully informed and aligned with shareholder interests will be best positioned to weigh potential alternatives against the Company’s status quo business plan.

In the interim, we look forward to working constructively with the current Board and management to help deliver value for all shareholders.

Sincerely,

Keith Meister
Contacts
Jonathan Gasthalter/Iain Hughes
Gasthalter & Co.
+ (212) 257-4170