Express Support for Sound Capital Allocation and Board Representation
As shareholders of North Media A/S (NORTHM), we are leading an initiative with the objective of promoting systematic and prudent capital allocation, strengthened corporate governance, and in turn sustainable long-term value creation for all shareholders.
We have formally engaged with the Board of Directors, urging a reassessment of the Company’s current capital allocation framework. In particular, we advocate:
– Value-accretive share buybacks given the steep discount to net asset value
– An orderly unwind and de-risking of the concentrated technology stock portfolio
– A transparent and more disciplined liquidity framework
– Greater minority shareholder representation and engagement at board level
North Media has demonstrated strong operational execution over time. However, the persistent and substantial discount to intrinsic value signals that the market lacks confidence in the current capital allocation approach. Addressing this gap is essential to unlocking and sustaining long-term shareholder value.
By signing the statement of support, you endorse this initiative and grant Idealkapital AS (or a designated representative of the shareholder group) a limited power of attorney to:
– Aggregate your shareholding for the purpose of meeting statutory ownership thresholds;
– Request and convene an Extraordinary General Meeting (EGM), if deemed necessary; and
– Propose and vote for the election of an independent board representative aligned with the principles outlined above.
This authorization shall be used solely in connection with matters relating to capital allocation policy, governance improvements, and board representation, and does not restrict your independent voting rights at any general meeting.
Collective action is how owners drive accountability. Together, we can demand a strategy that reflects disciplined capital stewardship in the interests of all shareholders.