Hedge fund Baker Street Capital disclosed a 9.99% stake in Swift Energy (NYSE:SFY) via a 13D filing, and says it believes the intrinsic value of the company’s assets is at least $15/share. In a letter to the company’s board, Baker discusses what it views as SFY’s poor capital allocation, operational flaws, cost inefficiencies and poor corporate governance, and says SFY should evaluate strategic alternatives for individual assets and the entire company. Source: Filing
Activist Target
