Marlton issued statement calling 180 Degree Capital board to consider merger

Marlton Partners, beneficial owners of approximately 4.6% of the outstanding stock of 180 Degree Capital (TURN), issued the following statement calling on the TURN board of directors to engage with Source Capital (SOR) ( SOR) and consider its proposed merger with TURN as announced on January 24: “We are pleased that additional market participants are beginning to appreciate our long-held view that the value of TURN’s assets significantly exceed the Company’s current stock price and market capitalization. The market’s enthusiastic response to Source Capital’s merger offer, which values TURN at 101% of its net asset value per share, underscores what we believe is shareholders’ strong desire to see the trading discount fully eliminated. We expect the Board to engage with Source-and any other potential suitors-just as our director nominees would already be doing if they were on the Board. TURN’s chronic underperformance and large discount to net asset value are what originally compelled our engagement with the Company over the past year and drove us to ultimately nominate three highly-qualified candidates for election to TURN’s Board. Those three director nominees are: James Elbaor, Gabi Gliksberg and Aaron Morris. With two offers publicly on the table, the TURN Board must honor its fiduciary duties and pursue the path that maximizes value to all Company shareholders. We welcome further engagement with any TURN shareholders who would like to discuss our investment in TURN.”